The crypto market is presently more unstable than usual following the election of pro-crypto Donald Trump as the 47th President of the US. Bitcoin, which surged past the price point of $89,900 (roughly Rs. 75.9 lakhs) earlier this week, saw a minor drop of just over one percent in the last 24 hours. On Wednesday, November 13, Bitcoin’s trading value came to $87,382 (roughly Rs. 73.7 lakh) on international exchanges, which showed CoinMarketCap. On Indian exchanges, BTC prices dipped by 2.10 percent. Despite this loss, Bitcoin is trading at $85,987 (roughly Rs. 72.5 lakh).
“This, for Bitcoin, marks the first downturn since Trump’s recent victory, which initially sparked market optimism. Despite this minor setback, analysts remain optimistic about Bitcoin’s future. The recent volatility is attributed to investor profit-taking, broader market dynamics, and economic uncertainties. According to investors, Bitcoin’s foundations are still solid, and there may be further regulatory developments and continued institutional interest,” Shivam Thakral, CEO of BuyUcoin.
Ether saw bigger losses than Bitcoin on both national as well as international exchanges. Incurring this dip of over four percent, ETH is trading at $3,180 (roughly Rs. 2.68 lakhs) on global exchanges. In India, ETH is priced at $3,117 (roughly Rs. 2.63 lakh), showed the crypto price tracker by Gadgets360.
Tether, Solana, Binance Coin, Dogecoin, USD Coin, Cardano, and Shiba Inu joined BTC and ETH in registering losses.
Commenting on this slight change in asset prices, Vikram Subburaj, the CEO of Giottus, said these price corrections are natural – but the overall market sentiment is bullish at the moment.
Leading altcoins such as Solana, Cardano, BNB, and Ethereum have mirrored Bitcoin’s slight downturn but have managed to stabilise, showing early signs of recovery on the hourly charts. Weekly gains remain solidly in the double digits. Market sentiment remains bullish, with the Fear and Greed Index climbing to 84, signalling extreme greed,” Subburaj said.
Owing to market fluctuations, the overall crypto market cap tumbled by 4.12 percent over the last day. As per CoinMarketCap, the overall valuation of the crypto market presently stands at $2.86 trillion (roughly Rs. 2,41,39,115 crore).
Ripple, Tron, and Stellar managed to hold onto minor gains on the price chart.
As per Edul Patel, the founder of Mudrex, “Dogecoin is expected to see increased activity as Trump picks Elon Musk and Vivek Ramaswamy to head the Department of Government Efficiency.”
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
