Bitcoin (BTC), the world's oldest and most valued cryptocurrency, fell to the $41,000 range over the weekend. Popular altcoins, including Ethereum (ETH), Solana (SOL), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE), landed in the red across the board. FTX Token (FTT) emerged as the biggest gainer of the lot, jumping more than 8 percent in 24 hours. Arweave (AR) became the biggest loser, falling more than 12 percent in 24 hours.
The global crypto market capitalization stood at $1.46 trillion at the time of writing, recording a drop of 8.08 percent in 24 hours.
Bitcoin (BTC) price today
The price of Bitcoin stood at $41,116.15, recording a 24-hour loss of 2.06 percent, according to CoinMarketCap. According to Indian exchange WazirX, the price of BTC stood at Rs 36.70 lakh.
Ethereum (ETH) price today
The price of ETH stood at $2,173.83, down 2.04 percent in 24 hours at the time of writing. According to WazirX, the price of Ethereum in India stood at Rs 1.94 lakh.
Dogecoin (DOGE) price today
DOGE posted a 24-hour loss of 3.66 percent, according to data from CoinMarketCap, currently priced at $0.09204. According to WazirX, the Dogecoin price in India stood at Rs 8.15.
Litecoin (LTC) price today
Litecoin saw a drop of 2.77 percent in 24 hours. At the time of writing, it was trading at $70.42. LTC price in India stood at Rs 6,260.
Ripple Price (XRP) Today
The price of XRP stood at $0.606, with a loss of 2.19 percent in 24 hours. According to WazirX, the price of Ripple stood at Rs 53.30.
Solana (SOL) price today
The price of Solana stood at $69.88, representing a drop of 5.25 percent in 24 hours. According to WazirX, SOL price in India stood at Rs 6,310.19.
Top Crypto Gainers Today (December 18)
According to data from CoinMarketCap, these are the top five cryptocurrency gainers in the last 24 hours:
FTX Token (FTT)
Price: $3.90
24 hour gain: 8.89 percent
Helium (HNT)
Price: $7.73
24 hour gain: 7.12 percent
Batteries (STX)
Price: $1.08
24 hour gain: 5.99 percent
Bitget Token (BGB)
Price: $0.5982
24 hour gain: 5.27 percent
Injective (INJ)
Price: $30.87
24 hour gain: 4.83 percent
Top Crypto Losers Today (December 18)
According to data from CoinMarketCap, these are the top five cryptocurrency losers in the last 24 hours:
Fabric (AR)
Price: $9.27
Loss of 24 hours: 12.95 percent
Kaspa (KAS)
Price: $0.1042
Loss of 24 hours: 9.10 percent
Avalanche (AVAX)
Price: $39.53
Loss of 24 hours: 9.09 percent
Filecoin (FIL)
Price: $5.15
Loss of 24 hours: 8.84 percent
Confluence (CFX)
Price: $0.179
Loss of 24 hours: 8.75 percent
What Crypto Exchanges Say About the Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: โBitcoin is currently consolidating above the $40,000 level following weekend profit-taking, with a potential move towards $42,700 if buyers they maintain control. The absence of clear dominance by buyers or sellers, coupled with the rate positioned far from support and resistance levels, suggests that BTC could trade sideways within the $41,000 to $43,000 range in the coming days. On the weekly chart, even though the bulls failed to sustain the rise after a bullish candle, BTC has remained above the $40,000 level. Failure to break this level could test the support at $39,000.โ
Parth Chaturvedi, investment leader at CoinSwitch Ventures, said: โFollowing a moderate weekly performance, BTC (-2.2%) continued its performance within the range of $41,000 to $43,000 over the weekend and the last 24 hours. . According to data from analytics firm IntoTheBlock, on-chain data indicates an inflow of $860 million worth of Bitcoin into crypto exchanges over the past week, the highest since March of this year. However, investor confidence in BTC continues to strengthen due to the common belief that BTC is poised for a strong 2024. โIt is very likely that the market will recover again.โ
Rajagopal Menon, Vice President of WazirX, said: โBitcoin price correction continues this week as no new updates related to ETF applications are revealed. Its strong rebound has not been completely ruled out. You may notice an increase in its price towards the end of the month, as the ETF application window in January approaches. For Ethereum, there has been an increase in trading volumes and overall bullish sentiment due to moving averages indicating โbuy.โ However, its current low support levels could trigger a consolidation phase similar to that of Bitcoin. The liquidation of long positions for Bitcoin and Ethereum continues to extend into this week, which is a cause for concern among analysts.โ
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: โBitcoin's on-chain indicators highlight its strong dynamics. With 69.23% of addresses categorized as 'Holders', the majority have held Bitcoin for over a year, surpassing 'Traders' (6.78%) and 'Cruisers' (23.99%). The increase in hash rate, currently at 493,313,217.742 TH/s, improves security and scarcity. A negative net foreign exchange flow of $62.57 million indicates an exit, which could ease selling pressure and bolster sentiment. With a price of $41,000, Bitcoin's 4-hour chart indicates a pivot point at $40,000, aligning with the 38.2% Fibonacci retracement. Resistance levels exist at $42,885, $44,738, and $46,020, while supports are at $40,700, $39,775, and $38,350. The RSI at 43 indicates neutrality, and the 50-day EMA at $42,300 aligns with the current price, suggesting a short-term uptrend. While an uptrend line supports Bitcoin, vigilance is crucial for potential moves below $41,735, indicating a change in market sentiment.โ
Shivam Thakral, CEO of BuyUcoin, said: โThe overall crypto market is currently at the $1.55 trillion mark, with BTC and ETH trading at levels of $41,055.95 and $2,170.99 respectively. As we approach the holiday season, we can expect some drop in trading activity, so the market may remain at current levels. The Bitcoin ETF approval clock is ticking and we can expect a crypto super cycle in 2024 once final approval is achieved. โThe interest rate cut by the US Federal Reserve may also boost the momentum of the cryptocurrency market in 2024.โ
The CoinDCX research team told ABP Live: โIn the last three days, BTC faced a drop of almost 5 percent and is currently trading below the 20 EMA D, floating slightly above the $ support level. 40,600. If BTC fails to recover from the 20-day EMA D, it may experience a fresh decline to lows around $38,000. Similarly, ETH is currently below 20 EMA D, showing a bearish sign. If it does not start a recovery, the key level is $2,130, and a drop below this could lead to a decline to $2,020. Following the initial restructuring, resilient investors are likely to re-enter the cryptocurrency market given the current bullish macro environment for risk assets. "The Federal Reserve's decision to pause rate hikes and possible rate cuts in 2024 could contribute to increased demand for cryptocurrencies."
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Disclaimer: Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for any losses arising from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek expert advice and carefully read the offering documents along with relevant relevant literature on the subject before making any type of investment. Cryptocurrency Market predictions are speculative and any investment made will be at the sole risk and expense of the readers.
