Current Cryptocurrency Price: Bitcoin Maintains Above $42,000 Small Losses Notwithstanding, Altcoins Trade Sideways

On Wednesday, December 27, there was a little decrease of 2.71 percent in Bitcoin’s value. In spite of this little drop, the price of Bitcoin was able to stay over $42,000, or about Rs. 34.9 lakh, and it is presently trading at $42,218, or about Rs. 35 lakh. BTC is trading over $42,000 for the third day in a row. Nevertheless, the value of Bitcoin has decreased by $688 (or around Rs. 57,270) during the last three days. Critical resistance for BTC is located at $44,500, or about Rs. 37 lakh, while the support level is $42,500, or nearly Rs. 35.3 lakh.

“Today’s drop in Bitcoin prices was caused by traders quickly liquidating their holdings in response to increased financing rates, which changed the mood of the market from optimistic to negative. A rise in trade volume implies continuous market activity under these dynamic conditions, according to Rajagopal Menon, Vice President of Wazir, who spoke to Gadgets360. This is in the midst of anticipation of a year-end spike and the upcoming US SEC ruling on a Bitcoin ETF.

Ether had a little decrease on Wednesday of 0.75 percent. ETH was selling at $2,220 at the time of writing (around Rs. 1.84 lakh). For ETH, $2,380 (about Rs. 1.98 lakh) is the significant resistance level, while $2,250 (about Rs. 1.87 lakh) is the crucial support level.

Many cryptocurrencies saw losses on Wednesday. Among them are Dogecoin, Avalanche, Cardano, Ripple, and Polkadot.

On Tuesday, price declines were also seen in Tron, Chainlink, and Shiba Inu.

Within the previous day, the overall market capitalization of cryptocurrency fell by 0.27 percent. As of right now, CoinMarketCap values the industry at $1.65 trillion, or around Rs. 1,37,46,414 crore. Nonetheless, the fear and greed index for cryptocurrencies seems to be improving as it has risen by 2 points since yesterday.

According to Edul Patel, co-founder and CEO of Mudrex, “the market is currently at a critical juncture with a narrow range, as both bulls and bears vie for control,” Gadgets360 said.

In the meanwhile, on Wednesday, only a few cryptocurrencies posted gains. These include Wrapped Bitcoin, Binance Coin, Tether, Solana, and USD Coin.

Additionally, Uniswap, Leo, Monero, Elrond, Binance USD, and Bitcoin SV generated minor gains.

Polygon ended up being one of the best performers after this disaster. Its native token, MATIC (+11%), became worth more than a dollar after almost seven months. This coincided with the native Binance currency BNB (+6.8%), which witnessed modest gains as well and broke over the $300 threshold for the first time in six months. The CoinSwitch Markets Desk informed Gadgets360 that both of these tokens and SOL (-7.1%) were on the token listings that the SEC had claimed to be securities backed in June of this year.