Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, dipped below the $37,000 mark early Friday, snapping its streak yet again. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), and Ripple (XRP) — landed in the reds across the board. The ETHDYDX token, which was the biggest gainer yesterday, turned out to be the biggest loser today morning, with a 24-hour dip of nearly 9 percent. Kaspa (KAS), on the other hand, turned out to be the biggest gainer, with a 24-hour jump of over 17 percent.
The global crypto market cap stood at $1.39 trillion at the time of writing, registering a 24-hour dip of 2.53 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $36,408.95, registering a 24-hour dip of 2.65 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 31.51 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,984.12, marking a 24-hour loss of 3.48 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.75 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour jump of 6.47 percent, as per CoinMarketCap data, currently priced at $0.0815 As per WazirX, Dogecoin price in India stood at Rs 7.08.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 4.25 percent. At the time of writing, it was trading at $70.68. LTC price in India stood at Rs 6,150.02.
Ripple (XRP) Price Today
XRP price stood at $0.6206, seeing a 24-hour loss of 4.69 percent. As per WazirX, Ripple price stood at Rs 53.87.
Solana (SOL) Price Today
Solana price stood at $58.70, marking a 24-hour dip of 10.03 percent. As per WazirX, SOL price in India stood at Rs 5,100.03.
Top Crypto Gainers Today (November 17)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Kaspa (KAS)
Price: $0.1324
24-hour gain: 17.44 percent
Render (RNDR)
Price: $3.15
24-hour gain: 15.03 percent
Yearn.finance (YFI)
Price: $13,543.12
24-hour gain: 14.54 percent
Fantom (FTM)
Price: $0.3568
24-hour gain: 8.62 percent
Dogecoin (DOGE)
Price: $0.08075
24-hour gain: 7.17 percent
Top Crypto Losers Today (November 17)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
dYdX (ETHDYDX)
Price: $3.77
24-hour loss: 8.97 percent
PancakeSwap (CAKE)
Price: $2.53
24-hour loss: 8.76 percent
Pepe (PEPE)
Price: $0.00000115
24-hour loss: 8.39 percent
MultiversX (EGLD)
Price: $43.46
24-hour loss: 8.28 percent
Immutable (IMX)
Price: $1.14
24-hour loss: 7.50 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin has settled around $36,500 after over $340 million in leveraged positions were liquidated in the last two days. To revive its bullish trend, Bitcoin will need to breach the resistance at $36,900 or seek support around $35,800. In the altcoin landscape, Avalanche (AVAX) has displayed a remarkable growth of over 76 per cent in the past week. This surge is attributed to the use of the network by JPMorgan and Apollo to illustrate how asset managers could tokenise funds. Meanwhile, Ethereum is trading just below the $2,000 mark.”
Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said, “While the overall crypto market may be down by 2.2 percent due to the market correction phase, the recent US inflation data has been more positive than expected. This has led to the shift of investor sentiment toward risk-on asset classes, cushioning the selling pressure within the crypto market. In terms of spot BTC ETFs, the SEC has delayed its decision for an application from Hashdex. The regulator was expected to review some applications by November 17. This delay is likely to dilute strong market sentiments and push the deadline to 2024.”
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin and Ethereum experienced losses as the tokens struggled to maintain their weekly highs. There was a 2.74 per cent decrease in BTC’s price in the last 24 hours. The latest resistance level for Bitcoin which was being touted at $34,000, might undergo a correction, possibly marking a brief consolidation phase. Ethereum however is experiencing a brief moment of favorability in the market after the BlackRock spot ETF news for the token made headlines. Its prices however dipped by almost 7 percent week on week.” WazirX also announced the listing of TokenFi, which Menon describes as a project “aimed at streamlining the processes involved in cryptocurrency and asset tokenisation.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin (BTC) faces a sharp decline, falling more than 4% to the $36,300 range after rejecting the $38,000 resistance. The SEC’s delay in ruling on Hashdex’s bitcoin ETF conversion may have fueled the intraday selloff. Despite the setback, analysts expect the SEC to approve spot bitcoin ETFs by early 2024, maintaining optimism and supporting prices. In principle, the delay may represent a buying opportunity, given the overall positive sentiment. Macro factors, including a potential US Federal Reserve tapering cycle in 2024, are contributing to cryptocurrency tailwinds. Chart analysis suggests an ascending triangle with bullish growth, with a break above $38,000 potentially leading to a test of $40,000. Meanwhile, the recently launched $BTCETF token, linked to the development of Bitcoin ETFs, is attracting attention for its DeFi attributes and offers a 487% annual percentage return through staking.”
Shivam Thakral, CEO of BuyUcoin, said, “Bitcoin slipped the $37,000 mark as the world’s largest digital asset by market cap witnessed liquidations of over $300 million over the past 24 hours. The traders book profit by liquidating their positions which resulted in a selling pressure on BTC and ETH. Bitcoin touched the $38,000 market yesterday which may have prompted traders to go for some profit booking. Market indicators are still on the positive side and market momentum is expected to sustain in the coming weeks.”
CoinDCX Research Team told ABP Live, “In the past 24 hours, both BTC and ETH experienced a decline amid speculations that the SEC might delay the decision on BTC spot ETF. The current deadline for this is today (8-day window November 9-17), and the final deadline is in 2024. Investors are anticipating a direct decision from the SEC in 2024. Technically, BTC in a Higher Time Frame remains resilient even after the drop, holding above the 20 EMA daily and finding support from an incline trendline. ETH attempted to regain its position above the key level at $2011 but retreated below it. The sudden short-term downturn in BTC pushed down the altcoin prices as well. The declining BTC dominance suggests that if BTC continues its gradual ascent, we may witness a renewed rally in altcoins.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.