Cryptocurrency Update: Bitcoin's Small Dip and Mixed Reactions Across Altcoins
Bitcoin faces a 1.25% dip, while other cryptocurrencies navigate a varied market landscape.
On November 14, Bitcoin experienced a slight 1.25% drop, bringing its current trading value to $36,456 (approximately Rs. 30.3 lakh). Over the last 24 hours, the cryptocurrency saw a decrease of $623 (roughly Rs. 51,863).
Ether, another prominent cryptocurrency, saw a modest increase of 0.42% on the same day, reaching a current trading price of $2,052 (about Rs. 1.70 lakh). Ether's value grew by $3 (around Rs. 250) within the last day.
Most other cryptocurrencies followed Bitcoin's lead, recording losses. The market's uncertainty is tied to anticipated data updates from the US, set to be disclosed later today.
The US Consumer Price Index (CPI) figures, both monthly and yearly, could influence BTC prices. Positive data might drive prices higher, while negative data could lead to a decline in cryptocurrency values. After four weeks of continuous gains, Bitcoin appears to be slowing down. It's noteworthy that a similar pattern occurred in January, followed by a sharp correction. Despite this, traders are favoring long positions due to the potential profitability of the positive medium-term trend.
Over the past 24 hours, the overall crypto market valuation dropped by 0.66%, currently standing at $1.4 trillion (approximately Rs. 1,16,52,179 crore), according to CoinMarketCap.
Additionally, some cryptocurrencies, including Polygon, Bitcoin Cash, Elrond, Iota, and Ardor, managed to gain alongside Ether.