Bitcoin steps into April with small gains, altcoins see some relief from volatility

The crypto sector has seen massive ups and downs in the month of March, with Bitcoin hitting an all-new high of over $73,000 (approx. 60.8 lakh). On Monday, April 1, Bitcoin registered a marginal gain of 1.35 percent to trade at $67,014 (roughly Rs. 55.8 lakh) in India. The most expensive asset in the crypto-block, the price of Bitcoin has not seen a significant change from its value last week as we enter April. On Binance, the asset is trading at a slightly higher price of $70,950.37 (roughly Rs. 59 lakh).

“Since last week, Bitcoin has been trying to break through the $71,500 resistance (roughly Rs. 59.6 lakh), only to fall back to the $70,000 level. It will be interesting to see how Bitcoin’s price action unfolds this halving, with remaining approximately only 22 days for the 4th bitcoin halving,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360, commenting on bitcoin’s trajectory.

Ether followed Bitcoin and registered small gains on April 1st. At the time of writing, ETH was trading at $3,395 (roughly Rs. 2.83 lakh).

“While ETH is experiencing overall positive price action, its liquidity supply appears to be decreasing. According to Glassnode data, only 11 percent of the total ETH supply is currently available for active trading, down from 15.8 percent at the same time last year. However, given investor sentiment and the whale accumulation pattern, this has only boosted the price of ETH by over 50 percent since the start of 2024,” Parth Chaturvedi, Head of Investments, CoinSwitch Ventures told Gadgets360.

Most altcoins came out of the volatility phases over the weekend and settled on the profit side of the crypto chart on Monday.

These include Solana, Ripple, USD Coin, Dogecoin, Avalanche, Polkadot and Bitcoin Cash.

Small gains were also recorded by Tron, Polygon, Litecoin, Near Protocol, Cosmos and Cronos.

“DOGE has emerged as one of the top gainers in the last seven days with gains of over 25 percent, currently trading at $0.17 (approx. Rs. 14.52). Another dog-themed meme coin entered the meme coin big leagues over the weekend. Dogwifhat (WIF; +6.2 percent) has become the third largest meme coin with over 60 percent weekly gains,” noted Chaturvedi.

The total crypto market capitalization rose by 0.48 percent in the last 24 hours. The valuation of the sector currently stands at $2.67 trillion (roughly Rs. 2,22,68,721 crore), according to CoinMarketCap.

While most altcoins traded with gains on Monday, a significant number of cryptocurrencies also registered losses on Monday. These include Tether, Binance Coin, Cardano, Shiba Inu, Chainlink and Uniswap.

Market analysts have warned investors to be cautious because the overall crypto market continues to be on an extremely greedy streak.

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