Bitcoin, Ether Record Dips on Black Friday Despite Positive Mid-Week Spell
Bitcoin's price has fared better over the past few days but hasn't quite managed to break past the psychologically important $17,000 (roughly Rs. 13.8 lakh) level, even though the wider market appears to have turned a corner after the collapse of FTX. As things stand, Bitcoin is down by close to 1.8 percent in the last 24 hours with its price now around the $16,450 (roughly Rs. 13.35 lakh) mark across global exchanges while Indian exchanges like CoinDCX value BTC at $17,798 (roughly Rs. 14.4 lakh), which is 0.13 percent higher than what the crypto asset was valued at on early Thursday.
On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $16,478 (roughly Rs. 13.37 lakh) while CoinGecko data shows that BTC's value now sits 1.9 percent lower than where it stood last Friday.
Ether, the largest smart contracts token, halted as it approaches a critical hurdle. The drop in momentum can be attributed to Bitcoin's slump in buying pressure. Ether is currently down by roughly 2.35 percent over the past 24 hours across global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,274 (roughly Rs. 1.03 lakh) where values are down by 0.49 percent in the past day.
Gadgets 360's cryptocurrency price tracker reveals that most major altcoins saw a dip in value too with the global crypto market capitalisation numbers showing a 1.36 percent plunge over the last day.
Polygon, BNB, Cosmos, Cardano, Uniswap, Solana, Polkadot, and Avalanche all recorded losses, while TRON, Chainlink, and Monero marked minor gains over the past 24 hours.
Dogecoin and Shiba Inu recorded minor dips too. Dogecoin is currently valued at $0.08 (roughly Rs. 6.62) after losing more than 1.8 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.0000089 (roughly Rs. 0.000726), down by 1.6 percent over the past day.
"Broader crypto markets have traded in a narrow range, after the massive sell-offs in the previous two weeks, settling between a market capitalisation above $850 billion (roughly Rs. 69,00,408 crore) but remained below $900 billion (roughly Rs. 73,06,315 crore). BTC formed a local bottom around $15,600 (roughly Rs. 12.6 lakh) and now continues to struggle around $16,500 (roughly Rs. 13.4 lakh), while ETH is trading around $1,200 (roughly Rs. 97,417). SOL continued to trade below $15 (roughly Rs. 1,218), with an overall market capitalisation of just above $5 billion (roughly Rs. 40,590 crore). Fan token Chiliz (CHZ) lost a lot of ground after rallying before the Football World Cup, down over 20 percent last week. Curve DAO (CRV) too remained highly volatile, but ended up jumping by ~20 percent with announcement of their stablecoin plans," explains CoinSwitch's Crypto Ecosystem Lead, Parth Chaturvedi, analysing the market this week.
"Last week was dominated by the details emerging from the FTX bankruptcy filing, which revealed that the underlying jumble is a lot murkier and the industry continued to guess the potential spread of contagion. Most notably, the Top 50 creditors were owed over $3 billion (roughly Rs. 24,354 crore), but their names were kept confidential which created more speculation in the markets. However, the market found a local bottom when Barry Silbert clarified that there's no bankruptcy threat to DCG group companies, including Genesis. The overhang on the potential unwinding of Grayscale's Bitcoin Trust still kept investors on the edge," Chaturvedi adds.
"The silver lining continued to be the improving global macro backdrop, particularly in the US, where expectations of Fed slowing down on its hiking cycle gathered steam and resulted in a relief rally across 'risk-on' assets that were sustained over the week. Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 1.44 percent in the past 7 days. The Index value stood at Rs. 2,377 at 8 am IST, on November 25. BTC and ETH continue to be the top assets by market capitalisation," he explains.