Bitcoin and Ether Experience Declines as Altcoins Follow in Bearish Market
The cryptocurrency market faced significant declines over the weekend, with Bitcoin dropping 3.88% and Ether 5.50%. Despite this downturn, some altcoins and tokens showed resilience. Investor sentiment indicates extreme fear, but experts remain optimistic about the overall trend and future regulatory developments.
The cryptocurrency market experienced a languid weekend, with minimal shifts in momentum. On March 10, Bitcoin recorded a decline of 3.88% on international exchanges, trading at $82,680 (approximately Rs. 72 lakh). In Indian exchanges, the drop was 3.30%, bringing Bitcoin’s value to $88,563 (around Rs. 77.2 lakh). Close observation of Bitcoin’s volatility is necessary as it has reached levels not seen since December. Major resistance near $89,400 (about Rs. 77.9 lakh) and support at $80,000 (approximately Rs. 69.7 lakh) have been noted.
Likewise, Ether’s value faced a drop of 5.50% within the same timeframe. Currently, Ether trades at $2,067 (about Rs. 1.80 lakh) on international platforms while its value is higher at $2,234 (approximately Rs. 1.94 lakh) in India. A report from The CoinDCX Research Team noted that, after a bearish weekend, crypto markets are attempting to regain strength, although investor sentiment leans towards extreme fear.
As of Monday, the majority of altcoins, including Ripple, Solana, Binance Coin, Dogecoin, Cardano, and Chainlink, recorded losses. Other tokens such as Tron, Leo, Uniswap, Cronos, EOS Coin, and Bitcoin SV also fell on the loss charts. The global crypto market cap dipped by 4.35% in the last 24 hours, now standing at $2.7 trillion (approximately Rs. 2,35,48,050 crore). Despite the overall bearish trend, coins like USD Coin, Leo, Iota, and Status managed small profits amid the losses.
According to Avinash Shekhar, Co-founder and CEO of Pi42, the overall trend in cryptocurrency remains positive despite short-term volatility. He emphasized the growing attraction of Bitcoin and other digital currencies among both retail and institutional investors, hinting at a promising future as regulatory measures advance.
The current state of the cryptocurrency market reflects a turbulent environment, marked by significant declines in major cryptocurrencies such as Bitcoin and Ether. The market sentiment remains largely negative, with extreme fear pervasive among investors. However, despite these challenges, some coins managed to secure small profits. Expert opinions suggest a cautiously optimistic outlook for the future, driven by continued interest from various investor demographics and potential regulatory advancements.
Original Source: www.gadgets360.com
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