Bitcoin Fails to See Notable Gains, Most Altcoins Hit by Losses

The crypto market is undergoing a phase of volatility, with most altcoins undergoing price correction. Bitcoin on Tuesday, June 11 recorded a loss of up to 1.95 percent on both, national as well as international exchanges. On Indian exchanges like CoinSwitch and WazirX, Bitcoin is hovering around the price point of $72,653 (roughly Rs. 60.6 lakh). Meanwhile, the asset is trading at $68,049 (roughly Rs. 56.8 lakh) on foreign platforms like CoinMarketCap. Majority other cryptocurrencies have tailed behind Bitcoin on the loss-making side of the crypto chart on Tuesday.

Ether recorded a loss of under one percent in the last 24 hours. At the time of writing, Ether is trading at $3,233 (roughly Rs. 2.70 lakh) on Indian exchanges whereas its price on international exchanges stands at $3,560 (roughly Rs. 2.97 percent).

“The recent dip in prices has sparked buying activity mainly from institutional investors as digital asset prepares for their next bull run. The regulatory developments and positive macroeconomic factors may lead to greater momentum in the second half of 2024,” Shivam Thakral, CEO of BuyUcoin told Gadgets360. “The Bitcoin-led investment activity added over $1.97 billion (roughly Rs. 16,448 crore) in inflows while Ethereum witnessed its best performance since March by adding almost $70 million (roughly Rs. 584 crore) in inflows as per the data from Coinshares.”

Tether, Solana, Ripple, Dogecoin, Cardano, and Shiba Inu recorded losses alongside Bitcoin and Ether.

These were joined by Avalanche, Polkadot, Chainlink, Near Protocol, Polygon, and Cosmos.

The overall crypto market cap dropped by 2.36 percent in the last 24 hours. With this, the sector valuation is currently at $2.49 trillion (roughly Rs. 2,07,90,379 crore), data by CoinMarketCap showed on Tuesday.

Only a handful of cryptocurrencies managed to see gains. These included Binance Coin, USD Coin, Tron, Leo, and Iota.

“The broader altcoin market is displaying a downward trend. The recently launched memecoin NOT suffered the most with it being 14 percent down as people booked profits out of the TON’s top memecoin. Another famous memecoin, PEPE was down nine percent as well with 24 hours overall crypto market liquidations reaching more than $150 million (roughly Rs. 1252. crore) as per data from Coinglass,” CoinSwitch Markets Desk told Gadgets360.

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