Bitcoin and Ethereum Experience Minor Gains as Altcoins Rally in the Cryptocurrency Market
On Monday, September 9, the cryptocurrency market witnessed a positive trend, with most digital assets showing gains. Bitcoin (BTC) recorded a slight increase of approximately one percent on Indian exchanges such as CoinDCX and CoinSwitch, trading at $58,718 (around Rs. 49 lakh). In international markets, Bitcoin's value surged by over 1.60 percent in the past 24 hours, reaching $55,170 (approximately Rs. 46.3 lakh).
Following Bitcoin's lead, Ethereum (ETH) also saw minor gains of less than one percent on Indian exchanges within the same timeframe. As a result, ETH's price climbed to $2,460 (approximately Rs. 2.06 lakh), according to the crypto price tracker by Gadgets360. On global exchanges, Ethereum is currently priced at $2,300 (around Rs. 1.93 lakh).
The CoinSwitch markets desk noted, “BTC funding rates on exchange futures are predominantly negative, suggesting that retail investors are anticipating a market downturn. Historically, such conditions have led to short liquidations, which can trigger price rallies. This may indicate that altcoins are at a low point and ready for a significant rebound. Key upcoming events, including the US Consumer Price Index (CPI) on September 11 and Producer Price Index (PPI) and jobless claims on September 12, could influence market direction.”
In addition to Bitcoin and Ethereum, other cryptocurrencies such as Binance Coin, Ripple, Dogecoin, Tron, Cardano, and Avalanche also experienced gains on Monday.
Notable price increases were observed in Shiba Inu, Chainlink, Polkadot, Bitcoin Cash, Near Protocol, Stellar, and Cronos as well.
Vikram Subburaj, CEO of Giottus crypto exchange, commented, “This rally may be supported by increased US dollar liquidity from the Federal Reserve, although the markets will remain volatile until the interest rate decision next week. Key altcoins like Toncoin, Cardano, and Avalanche have outperformed Bitcoin today.”
According to CoinMarketCap, the overall cryptocurrency market capitalization rose by 1.01 percent in the last 24 hours, reaching a total valuation of $1.95 trillion (approximately Rs. 1,63,67,139 crore).
Conversely, cryptocurrencies such as Leo, Litecoin, Zcash, Iota, and Braintrust experienced losses on Monday.
It is important to note that cryptocurrency is an unregulated digital currency, not recognized as legal tender, and is subject to market risks. The information provided in this article is not intended to serve as financial advice, trading recommendations, or any other form of guidance endorsed by NDTV. NDTV is not liable for any losses incurred from investments based on perceived recommendations, forecasts, or any other information contained herein.