Majority cryptocurrencies emerged out of the weekend slumber with price hikes on Monday, February 20. The value of Bitcoin reached $24,256 (roughly Rs. 20 lakh) in the last three days. As per experts, investors may benefit from the upcoming Federal Open Market Committee (FOMC) meeting slated for early March. Despite the overall risen price point, BTC did record a loss of 1.91 percent on Monday. The minor fluctuation did not notably impact the overall BTC value, which rose by $412 (roughly Rs. 34,059) over the weekend.
Speaking to Gadgets 360, Edul Patel, the CEO and co-founder of Mudrex crypto investment platform predicted that BTC's next resistance point could be at $31,000 (roughly Rs. 25.6 lakh).
“Buyers are still active in the market. If they push BTC back up to $25,250 (roughly Rs. 20.8 lakh), the next resistance level will be at $31,000 (roughly Rs. 25.6 lakh), with no major obstacles in between,” Patel noted.
Ether followed Bitcoin in having its overall value spiked in recent days, but to have recorded a small loss on Monday. ETH, which dropped by 0.85 percent in value, is currently trading at $1,684 (roughly Rs. 1.39 lakh), showed the crypto price tracker by Gadgets 360.
“ETH is trading near its $1,700 (roughly Rs. 1.40 lakh) resistance level. A breakthrough above this level could lead to an uptrend in the days to come,” Patel added.
Small losses struck stablecoins Tether, USD Coin, Ripple, and Binance USD alongside altcoins such as Cardano, Polygon, Polkadot, Litecoin, and Avalanche.
Memecoins Shiba Inu and Dogecoin showed varied movements. While the former reeled-in small gains, the latter recorded small losses.
Minor rate spikes also reflected next to other altcoins like Binance Coin, Solana, Tron, Uniswap, Monero, and Near Protocol among others.
The overall crypto market cap, that stands at $1.12 trillion (roughly 92,30,844 crore), tumbled by 0.23 percent in the last 24 hours as per CoinMarketCap.
“Overall, the market is still bullish, with market participants being optimistic about the next FOMC meeting in March,” Patel said.
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.
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