The cryptocurrency market has entered a phase of price correction following a sustained upward rally in recent weeks. On Wednesday, November 27, Bitcoin registered a marginal decline of 0.12 percent across global exchanges. According to CoinMarketCap, the asset is presently trading at the price point of $92,530 (roughly Rs. 78 lakh) on foreign exchanges. On Indian exchanges, meanwhile, BTC is trading at $92,708 (roughly Rs. 78.2 lakh) after logging a price drop of around two percent.
“In the past 24 hours, Bitcoin has experienced significant volatility. Investors are cautiously optimistic, suggesting that this decline could be temporary, predicting a potential recovery. Institutional interest in BTC remains robust, with notable inflows into Bitcoin ETFs and MicroStrategy increasing its holdings. Positive regulatory developments and ongoing institutional investment could bolster Bitcoin’s position in the financial landscape, potentially leading to a rebound in market sentiment,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Ether joined Bitcoin in registering losses on Tuesday. At the time of writing, ETH was trading at $3,400 (roughly Rs. 2.87 lakh) after incurring a loss of 0.52 percent on global exchanges. On Indian exchanges, ETH showed a loss of around six percent to trade at $3,304 (roughly Rs. 2.79 lakh).
As per the crypto price tracker by Gadgets360, majority cryptocurrencies registered losses.
Solana, Binance Coin, Ripple, Dogecoin, and Cardano emerged on the loss-making side of the crypto chart.
Tron, Shiba Inu, Stellar, Polkadot, Chainlink, Bitcoin Cash, and Near Protocol also recorded price dips on Wednesday.
“Top altcoins, including Ethereum, Solana, XRP, and BNB, mirrored Bitcoin’s movement with modest declines of two four percent, signaling market-wide consolidation,” Vikram Subburaj, CEO, Giottus told Gadgets360.
The overall valuation of the crypto sector dipped by 1.13 percent in the last 24 hours. At the time of writing, the crypto market cap stood at $3.21 trillion (roughly Rs. 2,71,09,156 crore), showed CoinMarketCap. Bitcoin’s dominance on the market is at 57.35 percent with the fear and greed index tilting towards greed.
Meanwhile Tether, USD Coin, Avalanche, Polygon, Zcash, and Iota managed to log minor gains.
“The broader bullish structure for Bitcoin and altcoins remains intact, with dips being bought aggressively—an encouraging sign of market resilience. The Greed and Fear Index, which recently hit extreme greed at 90+, has now cooled to 75, suggesting a healthier sentiment reset,” the CoinSwitch Markets Desk told Gadgets360.
