Bitcoin, Ether Among Other Cryptocurrencies Witness Price Dips, Analysts Hopeful for Positive Week

Dips recorded by Bitcoin and other coins came after China imposed a ban on crypto trading.

Bitcoin, Ether Among Other Cryptocurrencies Witness Price Dips, Analysts Hopeful for Positive Week

Following Bitcoin, Ether also opened with a significant drop of 5.93 percent

Highlights
  • Crypto market witnessed fluctuation amid China’s crackdown on crypto
  • All major cryptocurrencies witnessed dips in values
  • Industry experts expect the week to be positive eventually

Following China's fresh ban on cryptocurrencies, the fluctuations in market statistics have been like a roller-coaster ride. A day after Bitcoin and Ethereum values recorded a hike, on Tuesday, September 28, Bitcoin witnessed a dip of 2.96 percent. The world's most-valued cryptocurrency is presently trading at Rs. 33,72,726 (roughly $45,666) — down by Rs. 1.6 lakhs (roughly $1,437) from Monday, September 27. While industry experts are expecting instability for some time with China's ban on crypto trading, they do believe that this week could eventually turn out to be positive.

Following Bitcoin, Ether also opened with a significant drop of 5.93 percent, as per the Gadgets 360 crypto-price tracker. The Ether cryptocurrency is currently trading at Rs. 2,34,013 (roughly $3,618). This drop in Ether value comes after it registered a growth of 9.39 percent on September 27. Built on the Ethereum blockchain, Ether is the world's second-most valued cryptocurrency.

Other popular cryptocurrencies including – Cardano, Dogecoin, Polkadot, Ripple, UniSwap, and Litecoin have also opened with marginal falls in exchange values.

Some cryptocurrencies, however, Tether and Monero have slightly risen in values.

“Resistance remains evident at higher levels, where pullbacks could potentially bring Bitcoin back to the support level of $40,000 (roughly Rs. 29,54,209). Nonetheless, we are increasingly seeing crypto markets moving past the initial phase of news-based selling, a positive sign that long-term investors are potentially using the dip to accumulate,” the CoinDCX Research Team told Gadgets 360 over email.

Despite today's slow growth opening for cryptocurrencies, market analysts believe Bitcoin and other major altcoins (a term used for cryptocurrencies other than Bitcoin) have shown strength entering this week.

Despite China's ban, several parts of the world are taking initiatives to spark discussions around cryptocurrencies, their rapid growth as well as their future impact on the global economy.

Dubai, for instance, is gearing up to host one of the largest ever expo around cryptocurrencies in October. Over 3,000 people are expected to attend the mega crypto event, where over 30 industry experts will touch various aspects of the budding crypto space.

Earlier this week, Nayib Bukele, the President of Central American country El Salvador revealed that his fellow countrymen are getting roped into the crypto space. Within one month of El Salvador becoming the world's first country to legalise Bitcoin alongside its own currency (dollars) — over two million Salvadorians are using the official crypto wallet named “Chivo”.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Cryptocurrency Prices across Indian exchanges

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
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