By: Shayak Majumder | Updated at : 09 Jan 2023 10:04 AM (IST)
Bitcoin price stood at $17,209.51 on Monday morning. ( Image Source : Getty )
Bitcoin (BTC) managed to climb above the $17,000 mark for the first time this year, following the news of US recently reporting lowest unemployment rates. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) — landed in the green across the board. The Solana (SOL) coin continues to enjoy its bullish streak, seeing a 24-hour jump of over 20 percent. The Ziliqa (ZIL) token emerged to be the biggest gainer, with a 24-hour jump of over 30 percent.
The global crypto market cap stood at $849.17 billion at the time of writing, registering a 24-hour gain of 3.10 percent.
Bitcoin price stood at $17,209.51, registering a 24-hour gain of 1.55 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 14.69 lakhs.
ETH price stood at $1,308.27, marking a 24-hour gain of 3.62 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.12 lakhs.
DOGE registered a 24-hour gain of 4.92 percent, as per CoinMarketCap data, currently priced at $0.07543. As per WazirX, Dogecoin price in India stood at Rs 6.54.
Litecoin saw a 24-hour gain of 8.16 percent. At the time of writing, it was trading at $81.90. LTC price in India stood at Rs 6,880.74.
XRP price stood at $0.3526, seeing a 24-hour jump of 3.22 percent. As per WazirX, Ripple price stood at Rs 30.
Solana price stood at $16.13, marking a 24-hour gain of 20.81 percent. As per WazirX, SOL price in India stood at Rs 1,385.98.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Ziliqa (ZIL)
Price: $0.02331
24-hour gain: 33.70 percent
Lido DAO (LDO)
Price: $1.93
24-hour gain: 27.53 percent
Solana (SOL)
Price: $16.11
24-hour gain: 20.91 percent
Cardano (ADA)
Price: $0.3293
24-hour gain: 19.44 percent
Curve DAO Token (CRV)
Price: $0.6397
24-hour gain: 16.64 percent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Gemini Dollar (GUSD)
Price: $1.00
24-hour loss: 0.21 percent
TrueUSD (TUSD)
Price: $0.9996
24-hour loss: 0.07 percent
Fei USD (FEI)
Price: $0.999
24-hour loss: 0.04 percent
Binance USD (BUSD)
Price: $1.00
24-hour loss: 0.02 percent
Mudrex co-founder and CEO Edul Patel told ABP Live, “Over the weekend, most cryptocurrencies saw some increase in value, with Bitcoin reaching above the $17,000 level. This level has acted as a resistance point in recent weeks, and if Bitcoin can maintain its position, it could signal a reversal of the bear market trend. However, if the value of Bitcoin drops below its current level, the next level of support would be $16,900.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Bitcoin has been fluctuating around the $17,000 level and has not yet been able to break through this resistance. If it fails to do so, it may fall to the support zone of $16,775. If it can maintain a buying trend above this level, it may rise further, but if it falls below $16,775, it could potentially drop to $16,450.”
weTrade founder Prashant Kumar offered his take on the market scenario as well, “The second week of 2023 started off on a good note for the cryptocurrency market as the global market cap saw a 3 percent increase. After weeks of staying below, Bitcoin finally managed to cross the $17,000 mark. Meanwhile, Ethereum was trading above $1,300. All other major cryptocurrencies were also in the green with some currencies like Cardano and Solana seeing gains above 20 percent in the last 24 hours. If the trend continues, we could see the crypto market recover some lost ground. This comes ahead of the US Federal Reserve chief’s speech on Tuesday that will provide more clarity on interest rates.”
Shivam Thakral, the CEO of BuyUCoin, said, “Bitcoin crossed the $17,000 mark for the first time in 2023 owing to the positive outcome of the US jobs report which reported the lowest unemployment rate, back to pre-pandemic levels. The traditional financial markets (US and European stocks) reacted sharply to the development as the stocks rallied owing to the signs of easing inflation. The positive jobs data suggests that Fed may not go for an aggressive rate hike in its next meeting in February which may prove beneficial for the global crypto market.”
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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