Bitcoin on Wednesday, January 3, 2024, stepped into the trading arena with a fresh rally in its price. Reflecting a gain of over one percent, Bitcoin was trading at the price point of $45,201 (roughly Rs. 27.6 lakh). In the last few days, Bitcoin has managed to surge in pricing by over seven percent. It is also noteworthy that the date of January 3 is celebrated as the annual anniversary of the crypto asset. This year, Bitcoin marks the 15th anniversary of its first block ever mined back in 2009.
“As Bitcoin marks its 15th year, its remarkable journey positions it as a revolutionary force in finance. Witnessing the shift from scepticism to increasing adoption among both retail and institutional investors is significant. Bitcoin has become a cornerstone in conversations about the future of money and decentralised systems, leaving an indelible mark on the financial world, proving its transformative power. The anticipation of the Bitcoin spot ETFs approval and fourth Bitcoin halving adds an intriguing layer this year,” Edul Patel, CEO of Mudrex, told Gadgets360.
Ethereum touched the mark of $2,366 (roughly Rs. 1.97 lakh) after registering a minor slippage of 0.27 percent on Wednesday. Ethereum saw its 19-month high while teasing the mark of $2,500 (roughly Rs. 2.08 lakh).
“While ETH has been relatively slow in recent days, it continues to establish new higher highs. The real momentum for ETH is expected to pick up once BTC stabilises. Technically, ETH needs to clear the resistance level at $2,450 (roughly Rs. 2.04 lakh) to initiate a strong upward movement,” said the CoinDCX Research Team.
With BTC and ETH taking separate sides of the price charts on Wednesday, profit-making altcoins landed alongside BTC while loss-ridden ones tailed behind ETH. Tether, USD Coin, Tron, Near Protocol, Leo, and Cronos reflected small gains alongside BTC on Wednesday.
Meanwhile, Chainlink, Shiba Inu, Cardano, and Dogecoin emerged among loss-making altcoins on the crypto chart. Other crypto assets that registerd price dips on Wednesday include Wrapped Bitcoin, Shiba Inu, Litecoin, Bitcoin Cash, Uniswap, and Cosmos alongside Avalanche, Polkadot, and Polygon.
“The ongoing correction is anticipated to persist in the coming days, countering the bullish trend observed in the previous week. Profit-taking activities by short sellers have contributed to the downward pressure on prices during this correction phase. The upcoming verdict on the ETF could potentially alter market sentiment and impact the corrective trajectory, particularly if the results are revealed later this week,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
The crypto market cap, at the time of writing, stood at $1.73 trillion (roughly Rs. 1,44,13,235 crore) after seeing a 2.47 percent decline in the last 24 hours, showed CoinMarketCap. Despite the current fluctuation in altcoin prices, industry experts remain hopeful about what's to come in the future.
“The crypto fear and greed index has been consistently positive for the last one month now. BTC saw its highest level in 21 months as Bitcoin started the new year by breaking out of its consolidation zone. The market may also see a Bitcoin ETF approval in the first week of January,” the Coinswitch markets desk told Gadgets360.
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