Crypto Quill

Bitcoin, the world’s leading cryptocurrency, experienced a significant surge in value on November 15, 2024, briefly touching $93,469 (approximately Rs. 78.8 lakh). However, the excitement was short-lived as the market corrected, causing Bitcoin’s value to retreat. By Friday afternoon, Bitcoin was trading at $87,617 (around Rs. 73.9 lakh) on global exchanges, a drop of about 2.5% from its brief peak.

This fluctuation highlights the volatility inherent in the cryptocurrency market, where sudden shifts in price are common. On Indian platforms, Bitcoin’s price was slightly higher, at $88,506 (Rs. 74.4 lakh), reflecting the variations across global markets.

Factors Behind the Price Correction

According to Vikram Subburaj, CEO of Giottus, recent comments by Federal Reserve Chairman Jerome Powell may have contributed to Bitcoin’s price dip. Powell’s remarks suggested that there is no immediate need to reduce interest rates, a stance that could influence investor sentiment. Following this announcement, Bitcoin experienced a modest decline, although it remains relatively high compared to previous months.

Additionally, the broader cryptocurrency market also saw significant volatility. Ethereum (ETH), for instance, faced a more substantial drop, losing over five percent of its value. As of the latest data, Ether is trading around $3,042 (Rs. 2.56 lakh). This dip in Ethereum’s value highlights the broader trend of price corrections affecting multiple cryptocurrencies.

Other Cryptocurrencies’ Performance

While Bitcoin struggled to maintain its gains, other major cryptocurrencies like Tether, Solana, Binance Coin, and Dogecoin also faced price declines. Similarly, coins such as Tron, Shiba Inu, Avalanche, Bitcoin Cash, Chainlink, and Polkadot all saw losses in the past 24 hours.

Despite the overall downturn, certain cryptocurrencies bucked the trend and posted gains. Ripple, Cardano, Near Protocol, Stellar, and Monero held onto profits, providing some optimism in an otherwise bleak market environment.

Cryptocurrency Market Valuation

As of the latest tracking, the total valuation of the global cryptocurrency market stands at $2.91 trillion (approximately Rs. 2,45,75,066 crore), reflecting a 2.48% drop over the last 24 hours, as reported by CoinMarketCap. This slight dip follows the correction in Bitcoin’s price, but overall, the market capitalization remains significant compared to historical levels.

Despite the correction, the cryptocurrency market continues to experience rapid growth, with Bitcoin recently surpassing Saudi Aramco to become the 7th largest asset globally. According to Edul Patel, CEO of Mudrex, Bitcoin’s support level has risen to $86,200 (roughly Rs. 72.7 lakh), with the next resistance point at $90,900 (Rs. 76.7 lakh). This suggests that Bitcoin may continue to find its footing above $86,000 in the near term, barring further market disruptions.