Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, dipped below the $43,000 mark early Wednesday, and also briefly went below $42,000 before quickly recovering. The time, then, has come for BTC to hold strong against the next resistance level of $40,600 to see out 2023 on a positive note. It remains to be seen when the market will recover from the holiday lull among investors. Popular altcoins — including the likes of Ethereum (ETH), Solana (SOL), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE) — landed in the reds across the board. Mina (MINA) went on to become the biggest gainer, with a 24-hour jump of over 21 percent. Memecoin BONK became the biggest loser, with a 24-hour dip of over 16 percent.
The global crypto market cap stood at $1.64 trillion at the time of writing, registering a 24-hour dip of 2.71 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $42,331.78, registering a 24-hour dip of 2.53 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 37.58 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,223.98, marking a 24-hour loss of 1.95 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.97 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 3.58 percent, as per CoinMarketCap data, currently priced at $0.09059. As per WazirX, Dogecoin price in India stood at Rs 8.10.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 0.03 percent. At the time of writing, it was trading at $72.74. LTC price in India stood at Rs 6,363.
Ripple (XRP) Price Today
XRP price stood at $0.6194, seeing a 24-hour loss of 2.80 percent. As per WazirX, Ripple price stood at Rs 54.70.
Solana (SOL) Price Today
Solana price stood at $109.38, marking a 24-hour dip of 8.51 percent. As per WazirX, SOL price in India stood at Rs 9,540.98.
Top Crypto Gainers Today (December 27)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Mina (MINA)
- Price: $1.43
- 24-hour gain: 21.87 percent
Sei (SEI)
- Price: $0.494
- 24-hour gain: 17.40 percent
Astar (ASTR)
- Price: $0.1286
- 24-hour gain: 16.05 percent
PancakeSwap (CAKE)
- Price: $3.37
- 24-hour gain: 13.16 percent
Polygon (MATIC)
- Price: $0.9953
- 24-hour gain: 8.99 percent
Top Crypto Losers Today (December 27)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Bonk (BONK)
- Price: $0.00001542
- 24-hour loss: 16.82 percent
ORDI (ORDI)
- Price: $66.85
- 24-hour loss: 12.83 percent
SATS (1000SATS)
- Price: $0.0007882
- 24-hour loss: 11.26 percent
Injective (INJ)
- Price: $37.36
- 24-hour loss: 11.08 percent
Celestia (TIA)
- Price: $12.22
- 24-hour loss: 10.67 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin slipped below the $42,000 level, as profit-taking among certain market participants intensified. Although BTC briefly dipped below $42,000, it swiftly rebounded and is currently trading around the $42,300 mark. The market is currently witnessing a tense battle for control, with a narrow range constraining the influence of both bulls and bears. Despite a 37% retracement from its peak, Bitcoin maintains strength above the critical $40,000 support level. In sync with Bitcoin, Ethereum is also down by 2%, and the majority of altcoins are experiencing sell-offs booking short-term gains.”
CoinSwitch Markets Desk noted, “The crypto market experienced a decline of -2.6% over the past 24 hours, resulting in a total market capitalisation of $1.71 trillion. However, the crypto fear and greed index looks positive and has increased by 2 points since yesterday. Crypto markets saw a minor correction as BTC briefly traded below $42k late last night before honouring the trend line and taking support at around $41.8k USD mark.”
Rajagopal Menon, Vice President, WazirX, said, “Today witnessed a downturn in Bitcoin’s price as traders rapidly liquidated their positions due to escalating funding rates, shifting the market sentiment from positive to negative. Concerns arise as the current price hovers around $42.6K, approaching a crucial support level of $42,400. While traders anticipate a potential year-end rally and await the US SEC’s decision on a spot Bitcoin ETF, heightened trading volume suggests continued market interest amidst these developments.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Cryptocurrency markets are facing a significant decline, with Ethereum (ETH), Dogecoin (DOGE) and Bitcoin (BTC) witnessing significant price declines. Ethereum’s drop to $2,213.18, down 8.75% over the past month, indicates a profit-taking trend following recent gains. Dogecoin follows with a decline of 11.42% to $0.09019, in line with the movement in the broader market. Bitcoin fell 12.19% to $42,808.72, accompanied by increased trading volume. This market correction is attributed to holders capitalizing on profits, raising concerns about a broader shift in investment strategies. Analysts are closely watching this dynamic, anticipating potential market rebalancing and highlighting the importance of Bitcoin’s performance in shaping overall market sentiment.”
CoinDCX Research Team told ABP Live, “In the last 24 hours, the overall crypto market experienced a decline following reports that creditors of the defunct Bitcoin exchange Mt. Gox have begun receiving fiat repayments for their trapped Bitcoin. While this news created FUD in the market, it’s important to note that its impact on selling pressure is uncertain.BTC is currently below the support/resistance (S/R) flip at $42,600, suggesting slight bearishness. The next key support level is at $40,600, and it’s crucial for BTC to hold above this level to maintain its strength and bullish outlook.”
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Tags: Cryptocurrency, Insights