Bitcoin briefly touched its 19-month high of $38,000 (roughly Rs. 31 lakh) today. Amid the market volatility, the oldest cryptocurrency clocked a small gain on Thursday, November 30, taking its price to $37,866 (roughly Rs. 31.5 lakh). The month of November proved to be rather lucrative for the crypto market, which saw Bitcoin’s price escalate up till its current value point. As per market analysts, Bitcoin’s tight trading pattern indicates potential for a bullish continuation for the coming weeks.
Ether, for a change, did not follow Bitcoin’s price trajectory and found itself on the loss-making side of the crypto price chart. With a loss of 1.08 percent, the value of ETH presently stands at $2,030 (roughly Rs. 1.69 lakh).
“BTC retraced from the $38,000 (roughly Rs. 31 lakh) resistance level following the Wall Street open on November 29, influenced by better-than-expected US gross domestic product (GDP) figures. BTC fluctuated around that level and eventually dropped after the release of US macro data. On the other hand, Ethereum saw a slight decline but held its ground above the 20-day exponential moving average (20 EMA D),” the CoinDCX research team told Gadgets360.
With Bitcoin and Ether taking different price routes today, the crypto chart has been divided.
Among profit-making cryptocurrencies, Solana, Dogecoin, Tron, Avalanche, Polygon, and Litecoin marked their presence alongside Bitcoin.
Leo, Stellar, Near Protocol, Iota, and Dash also managed to mint small gains.
Meanwhile, loss-making cryptocurrencies included Tether, Binance Coin, Ripple, Cardano, Chainlink, and Polkadot alongside Ether.
Other altcoins trading in the reds are Shiba Inu, Bitcoin Cash, Uniswap, Cosmos, Monero, and Cronos.
The overall crypto market cap slipped minutely by 0.01 percent in the last 24 hours. The sector valuation, as of today, stands at $1.43 trillion (roughly Rs. 1,19,18,735 crore), as per CoinMarketCap.
“The altcoin in focus today would be dYdX (-1.5 percent) as the DEX token is going to witness it’s one of the biggest token unlocks on December 1 with 150 million tokens getting unlocked. While dYdX has been on a slight decline for the past few days, traders are shifting their focus to decentralized exchanges. It could also be a ‘sell the rumour, buy the news’ event,” the CoinSwitch markets desk told Gadgets360.
In other news, Binance has preponed the ending of its support of the stablecoin BUSD, which it has launched in support with Paxos. Earlier, the company said they would stop supporting BUSD by February 2024. BNB (-0.7 percent) meanwhile, is trading flat on the news.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
