Bitcoin and Ether experienced modest increases in price after the Bitcoin halving, while many alternative cryptocurrencies saw gains.
In India, Bitcoin is being traded at $62,734 (approximately Rs. 52.3 lakh), marking a profit of 2.20 percent.
On Monday, April 22, Bitcoin joined the majority of cryptocurrencies in experiencing losses on the crypto chart. As of the time of writing, its value stood at $62,734 (approximately Rs. 52.3 lakh), marking a profit of 2.20 percent according to Gadgets360’s crypto price tracker. However, on international exchanges like Binance, Bitcoin is trading at a slightly higher price of $64,493 (approximately Rs. 53.8 lakh). Over the weekend, Bitcoin underwent its fourth halving process, which reduced the incentives for miners to add new blocks to the blockchain, consequently slowing down the addition of new BTC tokens into circulation.
“After the fourth halving event, Bitcoin’s price surged, indicating strong buying interest at lower levels,” said Edul Patel, CEO of Mudrex, to Gadgets360. “Over the past year, BTC has risen by 137 percent. Currently, neither bulls nor bears dominate, suggesting a potential sideways movement between $62,000 (approximately Rs. 51.7 lakh) and $66,000 (approximately Rs. 55 lakh) in the near term.”
Ether saw a 2.61 percent increase in value as it entered the trading arena on Monday, currently trading at $2,985 (approximately Rs. 2.49 lakh).
“The market sentiment appears bullish following the BTC halving, particularly as tensions ease from the Iran-Israel conflict,” stated the CoinDCX team to Gadgets360. “ETH is currently trading below the 50 EMA D, with the key resistance level standing at $3,656 (approximately Rs. 3.05 lakh).”
On Monday, the majority of cryptocurrencies, including BTC and ETH, showed profits. This trend extended to Ripple, Dogecoin, Cardano, Binance Coin, Solana, and USD Coin.
Additionally, gains were observed in Litecoin, Uniswap, Bitcoin Cash, Polkadot, Chainlink, Avalanche, Shiba Inu, and Bitcoin Cash on Monday.
“Shiba Inu (SHIB) is reaching a critical point as it nears its 50-day EMA, a significant position amidst mixed sentiments from both bulls and bears,” stated Rajagopal Menon, Vice President of WazirX, to Gadgets360. “A breakthrough above the $0.00003 (approximately Rs. 0.0025) level could potentially drive SHIB even higher.”
The total cryptocurrency market capitalization increased by 1.12 percent in the past 24 hours, reaching a current value of $2.43 trillion (approximately Rs. 2,02,71,181 crore), according to CoinMarketCap.
Polygon, Elrond, and Augur were among the cryptocurrencies that experienced declines.
Market analysts are advising investors and traders to exercise caution in the coming days.
“In the upcoming week, we may experience considerable volatility, likely favoring bulls, with the launch of Hong Kong ETFs and insignificant economic events on the calendar,”.
