BTC, ETH Show No Price Hikes Despite Christmas, Most Altcoins See Small Gains
The overall crypto price chart showed small gains next to most cryptocurrencies on Monday, December 26, but failed to bring about a positive impact on a bigger level altogether. Bitcoin for instance, opened trade with a price hike of 0.39 percent today. Its price continues to stay put at the mark of $16,857 (roughly Rs. 13.9 lakh). The oldest cryptocurrency also failed to see any differences in market movement on international exchanges as well, despite the Christmas spirit. Binance, Coinbase, and CoinMarketCap — all showed similar trajectories for Bitcoin today.
Ether rose by 0.08 percent on Monday. Like Bitcoin, ETH prices also stuck to the price points they were at, before the weekend. As per Gadgets 360's crypto price tracker, ETH is currently trading at $1,220 (roughly Rs. 1.01 lakh).
“Over the past five days, the price of BTC has faced a rejection on both sides indicating the indecisiveness among the market participants. ETH has not yet accumulated enough power for a further move. It is trading in a narrow range with neither bullish nor bearish signals. If both these altcoins close above their current levels, we may see an upward move,” Edul Patel, CEO and Co-Founder or Mudrex told Gadgets 360.
Tether, USD Coin, Ripple, Binance USD, Cardano, Polygon, and Polkadot — managed to reel-in small gains.
These altcoins were also joined by Tron, Litecoin, Avalanche, Wrapped Bitcoin, Chainlink, Monero, and Cosmos — on the profit-making side of the crypto price chart.
The global crypto market rose by 0.06 percent to stand at the valuation of $811.95 billion (roughly Rs. 67,24,925 crore), data by CoinMarketCap showed.
Small losses did strike a bunch of altcoins including Binance Coin, Solana, Uniswap, Leo, and Stellar among others.
Both meme coins, Shiba Inu and Dogecoin also found themselves impacted by losses.
In a bid to re-gain the trust of crypto investors, several crypto exchanges including KuCoin, Binance, CryptoCom, and Giottus among others, have been getting their proof-of-reserves verified and audited.
Officials from US' Securities and Exchange Commission (SEC) however, have warned crypto investors, that they must not blindly trust the internal audits of crypto firms.