Bitcoin price continues to plunge, most cryptocurrencies hit by losses

The Rising Volatility in the Crypto Market and Its Impact on Altcoins

The cryptocurrency market has been experiencing increased volatility, leading to losses for many altcoins on a regular basis. On Thursday, April 4, Bitcoin recorded a loss of 1.62 percent, bringing its trading value to $64,354. This decrease of $1,134 in the last 24 hours has caused some concern among investors. With Bitcoin’s upcoming halving later this month, market analysts are predicting even more volatility in the weeks to come.

Shivam Thakral, CEO of BuyUcoin, commented on the current market situation, noting that the negative net flows into spot ETFs have contributed to the slump in price momentum in the largest cryptocurrency. The upcoming halving is expected to further impact the market dynamics, potentially leading to increased volatility.

Altcoins Follow Suit

Ether, the second-largest cryptocurrency by market capitalization, saw a price drop of 2.15 percent on the same day, trading at $3,190. The value of ETH decreased by $72 in the last 24 hours. The CoinDCX markets desk suggested that ETH, like BTC, has been trading sideways, with $3,200 being a crucial level to maintain. The announcement of the US monthly unemployment rate could introduce additional volatility into the market.

Other altcoins such as Solana, Ripple, Dogecoin, Cardano, Avalanche, Shiba Inu, Bitcoin Cash, and Polkadot also recorded losses alongside Bitcoin and Ether. Similarly, Tron, Polygon, Litecoin, Near Protocol, Uniswap, Leo, and Cosmos experienced declines in their trading values.

See also  31-Year Analysis: Extreme Events Result in $3.8 Trillion Losses

Market Insights and Predictions

Rajagopal Menon, Vice President of WazirX, highlighted the impact of potential Fed rate cuts in June on the market gains. Despite the market fluctuations, the rise in stablecoin supply has provided reassurance to Bitcoin enthusiasts. The overall crypto market cap dipped by 0.93 percent in the last 24 hours, currently standing at $2.47 trillion.

Cryptocurrencies that saw profits on Thursday included Binance Coin, USD Coin, Monero, and Bitcoin SV, showcasing the mixed performance within the market.

Final Thoughts and Disclaimer

It’s essential to remember that cryptocurrency is an unregulated digital currency, not a legal tender, and subject to market risks. The information provided in this article is not intended to serve as financial advice, trading advice, or any other recommendation. NDTV does not endorse or take responsibility for any investment decisions based on the content of this article.

For more information and insights on the cryptocurrency market, you can visit websites like CoinMarketCap and Gadgets360. Remember to trade cautiously and stay informed about the latest developments in the market.

(Note: This article contains affiliate links. For more details, refer to our ethics statement.)