The Indian cryptocurrency market experienced a relatively calm day with Bitcoin (BTC) and Ether (ETH) prices remaining mostly unchanged. Minor gains were observed across some altcoins, but the overall market sentiment remained subdued.
Bitcoin and Ether Hold Steady
Bitcoin, the leading cryptocurrency, is currently trading at ₹52.8 lakh on foreign exchanges like CoinMarketCap, reflecting a marginal drop of 0.26 percent from yesterday. On Indian exchanges, the price is slightly higher at ₹57.2 lakh. Despite the minor dip, Bitcoin’s value has remained relatively stable over the weekend.
Ether, the second-largest cryptocurrency by market capitalization, also saw a slight decline of 1.12 percent, bringing its price to ₹2.65 lakh on international exchanges. Indian exchanges, however, are trading Ether at a slightly higher rate of ₹2.86 lakh.
Altcoins Show Minor Gains
While Bitcoin and Ether remained stagnant, several altcoins experienced minor gains. However, these gains were not significant enough to impact the overall market sentiment substantially. The combined dominance of Bitcoin and Ether in the crypto market currently stands at 72.3 percent, indicating their continued influence on market trends.
Market Analysis and Future Outlook
The crypto market’s current state of stagnation can be attributed to various factors, including regulatory uncertainties and global economic conditions. Recent investigations by the US Commodity Futures Trading Commission (CFTC) into Jump Crypto have also added to the cautious sentiment among investors.
Market experts believe that the upcoming week could be crucial for the crypto market in India. Key economic indicators and regulatory developments are expected to influence investor sentiment and potentially trigger price movements in the coming days.
