Crypto Price Today: Bitcoin, Ether see value fall due to market liquidation, most altcoins follow suit

On Monday, December 11, Bitcoin recorded a decline of 4.37 percent and was trading at a price of $42,026 (approximately Rs 35 lakh). The most expensive crypto asset essentially failed to maintain its value above the $43,000 (roughly Rs. 36 lakh) mark over the weekend. Between December 8 and today, the value of BTC has decreased by $1,422 (approximately Rs 1.18 lakh). According to market analysts, Bitcoin is currently experiencing an increase in profit taking and selling orders, which is causing widespread market liquidations.

“There is a tug-of-war going on between the bulls and bears in the market, and if the BTC price overcomes the resistance level of $44,700 (about Rs 37.2 lakh), a possible bullish trend could resume. On the contrary, downside may find support near $40,600 (roughly Rs. 33.8 lakh) levels,” Edul Patel, co-founder and CEO of Mudrex told Gadgets360.

On December 11, the price of Ether fell 4.76 percent. At the time of writing, ETH was valued at $2,234 (approximately Rs 1.86 lakh). Over the weekend, the price of Ether saw a decline of $133 (approximately Rs 11,096).

“The week has started with a correction in the crypto market. According to data from CoinGecko, the top 10 cryptocurrencies by market capitalization are currently trading in the red. However, most of the losses occurred around 6 am IST. “This could be a result of more than $335 million (roughly Rs. 2,793 crores) of liquidations in the last 12 hours, including $300 million (roughly Rs. 2,501 crores) in long positions,” Coinswitch reported. Ventures’ investment head Parth Chaturvedi told Gadgets360.

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

Polygon, Polkadot, Wrapped Bitcoin, Shiba Inu, Litecoin and Bitcoin Cash are among the other cryptocurrencies in losses along with Shiba Inu, Stellar and Monero.

The total market cap slipped 3.40 percent in the last 24 hours. Today the crypto market is valued at $1.58 trillion (roughly Rs. 1,31,74,679 crore), up from $1.61 trillion (roughly Rs. 134,22,046 crore) recorded last week. coinmarketcap,

Avalanche, LEO and Braintrust have emerged as the only three cryptocurrencies trading profitably today.

Avalanche traded at $35 (roughly Rs. 2,926), up 7.57 percent, while Braintrust and Leo posted marginal gains of around one percent each.

“Given that BTC has closed eight consecutive weekly candles in the green, the sudden market move appears to be more of a correction or profit-taking,” the CoinDCX team told Gadgets 360, advising investors to make cautious investment decisions.


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