New Delhi: The global cryptocurrency saw a drop of 1.89 percent in market capitalisation over the last 24 hours, while the trading volume tumbled by 3.75 percent to $74.65 billion.
King of Cryptocurrency, Bitcoin surged by 1.08 percent to trade at Rs 31,22,793, while second-biggest coin Ethereum gained by over 1.77 percent to trade at Rs 233,052.
Coins like Cardano and Avalanche saw a dip of more than 10 percent and 2 percent respectively. DOT fell by more than 3 percent to trade at Rs 1,953 and Litecoin plunged by 2.41 percent to Rs 11,049 over the last 24 hours.
As it looks from here bears have fixed some positions as the market gave red indexes on Thursday.
Despite witnessing the fall at the beginning of the day, BTC managed to recover by rising 1.82 percent. As per analysts, Bitcoin is trading in a wide channel between the important support level at $39,573 and the resistance level at $45,478. Low trading volume confirms that neither bulls nor bears are dominating at this moment.
If buyers can create a buying pressure to take BTC above $43,000 and fix above it then there is a good opportunity to see the coin moving towards $45,000.
Bitcoin is trading at $42,082 at press time.
ETH has managed to gain 1.9 percent in the last 24 hours. As per experts, It is important for ETH to settle above the support level of $2,970 and there is no need to worry about it even if the selling volume has increased.
On the other hand, if ETH falls down the $3,000 price level and stays there, then bears can take over the opportunity to take it down to the price range of $2,800-$2,900.
Ethereum is trading at $3,144 at press time.
ADA is among the biggest loser as its price has dropped by 3% in the last 24 hours. As per analysts, the situation is neither under bulls nor bears control as the price hovers around the $1.4 price level.
The decrease in the price is accompanied by an increase in selling volumes which eventually means that traders may have fixed their short positions.
In this kind of scenario, there is a high probability to see the price rebound to the zone around $1.5 soon.
Cardano is trading at $1.35 at press time.