On Monday, February 26, the overall crypto market showed signs of instability. Bitcoin, the leading cryptocurrency, experienced a loss of 0.25%, bringing its current trading value to $51,490 (roughly Rs. 42.6 lakh). This was after a weekend increase of $473 (roughly Rs. 39,200). Despite hopes of crossing the $53,000 (roughly Rs. 43.9 lakh) resistance mark, Bitcoin has failed to do so in the past two weeks.
According to Shivam Thakral, CEO of BuyUcoin, Bitcoin has been consolidating in recent weeks and a breakthrough above this level could push its price up to $60,000 (roughly Rs. 49.7 lakh) soon.
On Monday, several other cryptocurrencies also saw losses, including Tether, Solana, Ripple, Cardano, Dogecoin, Tron, and Chainlink. Uniswap, Litecoin, Near Protocol, Leo, Elrond, and Bitcoin SV also recorded losses.
The overall crypto market cap decreased by 0.67% in the last 24 hours, with a total sector valuation of $1.99 trillion (roughly Rs. 1,64,94,960 crore) as reported by CoinMarketCap. Currently, BTC holds 50.7% dominance on the market cap, while ETH follows closely at 18.7%.
On the other hand, Ether performed better than Bitcoin on Monday, with a 2.05% profit and a trading value of $3,004 (roughly Rs. 2.49 lakh). This is the second time in recent days that ETH has surpassed the $3,000 (roughly Rs. 2.48 lakh) mark.
According to Rajagopal Menon, Vice President at WazirX, Ethereum has sustained a strong upward trend despite attempts to push its value below $3,000, supported by the 20-day EMA and an overbought RSI. However, a dip below the 50-SMA could indicate a decrease in buyer interest and potentially lead to further decline.
Some cryptocurrencies did see gains on Monday, including Binance Coin, USD Coin, Avalanche, Polkadot, Polygon, and Shiba Inu. Cosmos, Stellar, Cronos, and Monero also saw minor gains.
Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, mentioned that Uniswap’s governance token, UNI, saw a 60% surge on Friday after a proposal to revamp the protocol’s fees-sharing arrangement. Meanwhile, Avalanche (AVAX) experienced a major outage, failing to produce blocks for over four hours due to network strain.
Lastly, it is important to note that cryptocurrency is an unregulated digital currency with market risks and is not a legal tender. The information provided in this article is not financial advice and should not be considered as such. NDTV is not responsible for any losses incurred from investments made based on the information provided.
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