By: Shayak Majumder | Updated at : 20 Jan 2023 10:36 AM (IST)
Bitcoin price stood at $21,054.61 on Friday morning. ( Image Source : Karolina Grabowska/Pexels )
Bitcoin (BTC), the oldest cryptocurrency in the world, managed to climb above the $21,000 mark after a day of slump. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) — managed to land in the greens across the board. The Frax Share (FXS) token emerged to be the biggest gainer of the lot, with a 24-hour jump of nearly 20 percent. KAVA turned out to be the biggest loser, with a 24-hour dip of nearly 3 percent.
The global crypto market cap stood at $982.14 billion at the time of writing, registering a 24-hour gain of 1.61 percent.
Bitcoin price stood at $21,054.61, registering a 24-hour gain of 1.06 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 17.64 lakhs.
ETH price stood at $1,551.69, marking a 24-hour gain of 1.50 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.32 lakhs.
DOGE registered a 24-hour jump of 0.04 percent, as per CoinMarketCap data, currently priced at $0.08149. As per WazirX, Dogecoin price in India stood at Rs 7.05.
Litecoin saw a 24-hour gain of 0.60 percent. At the time of writing, it was trading at $84. LTC price in India stood at Rs 7,189.29.
XRP price stood at $0.3899, seeing a 24-hour gain of 2.31 percent. As per WazirX, Ripple price stood at Rs 33.
Solana price stood at $21.22, marking a 24-hour loss of 2.15 percent. As per WazirX, SOL price in India stood at Rs 1,874.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Frax Share (FXS)
Price: $10.46
24-hour gain: 19.96 percent
Enjin Coin (ENJ)
Price: $0.4241
24-hour gain: 18.26 percent
Nexo (NEXO)
Price: $0.8178
24-hour gain: 14.95 percent
ApeCoin (APE)
Price: $4.99
24-hour gain: 8.75 percent
Hedera (HBAR)
Price: $0.0602
24-hour gain: 8.10 percent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Kava (KAVA)
Price: $1.02
24-hour loss: 2.85 percent
Compound (COMP)
Price: $47.93
24-hour loss: 1.87 percent
Helium (HNT)
Price: $2.98
24-hour loss: 1.00 percent
Decentraland (MANA)
Price: $0.6474
24-hour loss: 0.86 percent
Fei USD (FEI)
Price: $0.9999
24-hour loss: 0.76 percent
Mudrex co-founder and CEO Edul Patel told ABP Live, “Most cryptocurrencies have seen a rebound in the past 24 hours as US consumer sentiment appears to be strong. Bitcoin, in particular, regained its value above $21,000 after experiencing a drop to $20,000 the previous day. If the daily closing value remains above the current level, it may indicate a potential increase to $21,400 soon. If Bitcoin falls below the current level, it would suggest that sellers have more influence, and the correction may continue to the $19,500-$20,000 range. On the other hand, Ethereum, the second-largest cryptocurrency, also saw a 2 percent increase on Thursday. The support level for Ethereum is currently at $1,440, with resistance at $1,600.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Bitcoin may correct to test its 200-day moving average and realized price near $20,000, but if it breaks above $21,500 resistance, it may reach $25,500. Despite good performance in the cryptocurrency market, a long-term bear market is still possible. Diversifying holdings with discounted presale tokens of promising crypto projects may be a good idea.”
Kunji founder Anurag Dixit offered his take, “The recent crackdown on Bitzlato has been largely viewed as having a limited impact within the investment community. However, the potential implications for Binance and other entities connected to Bitzlato should not be underestimated. While the actions being taken against Bitzlato are not unexpected, attention should now be directed towards other major” players in the industry that may be implicated in the case. The ramifications for these entities could be significant. It is important to note that further developments, in this case, should be closely monitored as they may have significant implications for the industry as a whole.”
Shivam Thakral, the CEO of BuyUCoin, said, “The crypto market recovered quickly from the developments at crypto lender genesis as Bitcoin reclaimed $21,000 level. The demand for BTC is mainly driven by institutional investors who have been long-term holders of the largest digital asset. Ether which has historically followed the BTC trend is also sitting on a strong support level of $1,500. We can expect the market to remain on this growth trajectory if we don’t get any surprising news headlines.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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