Bitcoin and Ether Prices Fall, But Market Analysts Remain Positive About Upcoming Days

Bitcoin and other cryptocurrencies like Ether saw their prices fall on Friday, fuelled by the ongoing market volatility that has continued to affect the value

Bitcoin price fell on Friday, continuing a trend of choppy trading that has gripped the cryptocurrency market in recent weeks. The world's largest cryptocurrency dropped less than 1% to trade at $62,655 (roughly Rs. 52.5 lakh) on Indian exchanges like CoinSwitch. On international exchanges, Bitcoin slipped to trade at $59,022 (roughly Rs. 49.4 lakh), as per data by CoinMarketCap. This is one of the few times in recent months that Bitcoin's value has slipped under the mark of $60,000 (roughly Rs. 50 lakh).

Bitcoin is currently front running the market with its dominance holding at 57.3 percent. Altcoins are playing catch-up. Bitcoin's price movement suggests a rejection at higher levels. BTC ETFs have experienced net outflows of more than $100 million (roughly Rs. 838 crore) in two days. BTC's RSI and MACD point to weakening buyer interest. This could signal a continued period of consolidation before Bitcoin can comprehensively reclaim $60,500 (roughly Rs. 50.7 lakh).

Shiba Inu, Chainlink, Bitcoin Cash, Polkadot, and Leo also registered losses, like Bitcoin and Ether.

The overall market saw a valuation dip of 0.44 percent in the last 24 hours, bringing its capitalisation down to $2.08 trillion (roughly Rs. 2,34,77,996 crore), as per CoinMarketCap. The cryptocurrency market experienced a decline, influenced by factors such as the House Financial Services Committee's planned hearings on DeFi and "pig butchering," and Nvidia's disappointing earnings report. AI-related tokens like Render and Injective saw notable losses.

However, some altcoins saw their values rise on Friday. These include Litecoin, Uniswap, Cartesi, Braintrust, and Spell Token.

Other altcoins that saw their prices rise despite market volatility include Kishu Inu, Augur, and Bitcoin Hedge.

Market analysts, however, have a positive outlook about the upcoming days for the crypto market. Donald Trump has claimed that he will make US the ‘crypto capital of the planet' with his World Liberty financial website hinting at high-yield DeFi opportunities.

While details about Donald Trump's new crypto project remain scarce, the ongoing discussions highlight cryptocurrency's growing interest and potential. This buzz indicates that innovation and investment in cryptocurrency are still evolving and is a reflection of the market's dynamic nature and capacity to draw influential figures, said Shivam Thakral, CEO of BuyUcoin.

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