Crypto Price Today: Bitcoin Continues in Losses, Market Volatility Keeps Most Altcoins in Loss

On Tuesday, November 28, Bitcoin saw its decline for the second consecutive day. At the time of writing, the crypto asset was trading at a price point of $37,034. Despite this minor loss, BTC’s value has not declined as much as one would fear. The price of the oldest cryptocurrency has fallen by $204 (about Rs 17,000) in the last 24 hours. With the holiday season approaching and the recent fall of former Binance CEO Changpeng Zhao, investor sentiment in the crypto market has slowed.

Ether joined Bitcoin on the loss side of the crypto charts on Tuesday. Registering a decline of 1.83 percent, ETH is currently trading at a price point of $2,012 (approximately Rs 1.6 lakh).

It is notable that despite the ongoing market volatility, both BTC and ETH have managed to remain strong at their respective price points that they rose to earlier this month.

“As the market is trading flat, the overall investor sentiment towards the crypto market seems to be taking a breather. Data from Glassnode shows that short-term holders of BTC have hit historic lows after seeing the most significant gap ever between long-term holders (LTH) and short-term holders (STH). This could mean that long-term investor confidence in BTC remains intact, if not further eroded. Another report from CoinShares highlights that over the past week, crypto investment funds experienced their highest net inflows of the year, reflecting the 2021 bull market against the backdrop of spot Bitcoin (BTC) ETFs, Which is potentially getting approval in the US,” Parth Chaturvedi, Investment Lead, CoinSwitch Ventures told Gadgets360.

Binance Coin, Tether, Ripple, Solana, Cardano and Dogecoin – all are trading with losses today.

Tron, Chainlink, Polygon, Avalanche, Polkadot, Litecoin, Shiba Inu and Bitcoin Cash also saw a decline for the second consecutive day today.

The overall crypto market valuation has declined by 1.65 percent in the last 24 hours. Currently, the crypto market cap stands at the mark of $1.4 trillion (approximately Rs 1,16,73,473 crore). coinmarketcap,

“BTC dominance remains stable, and altcoins have mirrored recent movements in BTC. In particular, the US market has shown stability over the past few days, and the announcement of US preliminary GDP (quarterly) tomorrow may bring some volatility to the market,” the CoinDCX research team told Gadgets360.

Meanwhile, some altcoins reflected small profits today. These include USD Coin, Uniswap, LEO. Binance USD, and Iota.

Market experts remain optimistic about the crypto market returning to recovery soon.

“There is growing optimism around potential Bitcoin exchange-traded fund (ETF) approval, supported by substantial capital flows into cryptocurrency-related assets. While Bitcoin is expected to potentially rise to $57,000 (roughly Rs. 47.5 lakh), Ethereum is aiming for a resurgence around the $4,800 (roughly Rs. 4 lakh) mark, indicating a renewed bullish sentiment. ,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss incurred from any investment based on any speculative recommendation, forecast or any other information contained in the article.

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