Today’s Cryptocurrency Prices: Bitcoin Reaches $63,000 as Majority of Alternative Coins Face Declines

On Monday, April 29, Bitcoin entered the trading fray at a price level of $63,192, which translates to approximately Rs. 52.6 lakh, reflecting a 0.57 percent dip in the Indian market. It registered a similar valuation of $63,102, approximately Rs. 52 lakh, on global platforms like Binance. Current market analysis suggests a bearish tilt in Bitcoin’s short-term trajectories.

Investments Lead at CoinSwitch Ventures, Parth Chaturvedi, commented to Gadgets360, “Bitcoin appears to be setting up for a downtrend, with some sluggish activity expected moving forward. The next notable resistance stands near the $63,400 mark, roughly Rs. 52.8 lakh.”

It was a day of declines for many altcoins this Monday, as documented by Gadgets360’s crypto price tracker. Losses spanned across cryptocurrencies including Tether, Binance Coin, and others such as Solana, Ripple, and Dogecoin.

The decrease extended to other notable cryptos like Cardano, and several more including Shiba Inu, Avalanche, alongside Chainlink, Polygon, and others.

Rajagopal Menon, Vice President at WazirX, told Gadgets360, “Post-Bitcoin halving events generally see spikes in volatility amongst leading tokens, which tend to remain neutral in sentiment. A ripple effect is often observed in the altcoin market following significant downturns spurred by Bitcoin’s movements.”

The total market capitalization of cryptocurrencies fell by 0.73 percent over the past day, as reported by CoinMarketCap, with the sector’s valuation currently at $2.35 trillion, approximately Rs. 1,95,96,121 crore.

While Bitcoin experienced a downturn, Ether, the second-highest valued cryptocurrency, saw minor gains, with its value pegged at $3,130 or about Rs. 2.61 lakh—a 2.35 percent increase. Ether‘s price on international exchanges was at $3,218, approximately Rs. 26.8 lakh, as indicated by CoinMarketCap data.

A few cryptocurrencies did manage to hitch a ride with ETH on the profit track, such as Tron, Litecoin, Neo Coin, and several others including Qtum, and Iota.

The CoinDCX Research Team remarked to Gadgets360 about the upcoming economic events, stating, “This week’s major economic updates, such as the Fed’s interest rate decision and the unemployment statistics, could significantly influence market fluctuations.”

In other news, Stripe, a financial technology powerhouse, has disclosed plans to reinstate cryptocurrency payment services in 2024 with support for the USDC stablecoin on blockchains like Solana, Ethereum, and Polygon. In the US, a conflict has surfaced as the Consensys firm, the parent entity of Metamask, lodged a formal grievance against the SEC due to a perceived overreach regarding the regulation of Ethereum under the company’s purview.

Cryptocurrency is a speculative and unregulated digital currency that is not legally recognized as tender and carries inherent market risks. The content of this article does not offer financial, trading, or any other form of advice, nor is it a recommendation or endorsement from NDTV. NDTV is not liable for losses incurred from investments based on any recommendations, predictions, or other information included in this article.