Bitcoin (BTC), the pioneering and most highly valued digital currency, maintained a steady position around the $42,000 mark early on Wednesday. Other leading cryptocurrencies, such as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) exhibited varied performance, with some experiencing gains while others faced losses. Flare (FLR) token, previously the top performer, faced a downturn with a near 9 percent decrease over 24 hours, while Klaytn (KLAY) surged to the forefront with an increase exceeding 22 percent in the same time frame.
The aggregate market capitalization for cryptocurrencies globally was $1.69 trillion at the time of reporting, reflecting a modest increase of 0.37 percent over the past day.
Bitcoin (BTC) Current Price
The price of Bitcoin was recorded at $42,882.79, showing a modest 24-hour increase of 0.30 percent, according to CoinMarketCap. On the Indian exchange WazirX, the BTC price was Rs 37.82 lakh.
Ethereum (ETH) Current Price
Ethereum's price was listed at $2,567.31, demonstrating a 1.51 percent rise over 24 hours at the time of this report. On WazirX, the price of Ethereum in India was Rs 2.25 lakh.
Dogecoin (DOGE) Current Price
Dogecoin experienced a slight 24-hour uptick of 0.10 percent, as shown by CoinMarketCap data, with its price at $0.08108. According to WazirX, the price of Dogecoin in India was Rs 7.10.
Litecoin (LTC) Current Price
Litecoin underwent a small 24-hour decrease of 0.40 percent. It was trading at $69.56 at the time of documentation. The price of LTC in India was Rs 6,046.83.
Ripple (XRP) Current Price
The price of Ripple was $0.5753, with a minor 24-hour decline of 0.12 percent. On WazirX, Ripple's price was Rs 50.26.
Solana (SOL) Current Price
The price of Solana was $99.37, notching a 24-hour increase of 3.80 percent. On WazirX, the SOL price in India was Rs 8,746.31.
Leading Crypto Gainers Today (January 17)
Based on CoinMarketCap data, the following are the top five cryptocurrencies that showed significant gains in the last 24 hours:
Klaytn (KLAY)
Price: $0.2354
24-hour gain: 22.17 percent
Chiliz (CHZ)
Price: $0.108
24-hour gain: 20.08 percent
Beam (BEAM)
Price: $0.02238
24-hour gain: 13.83 percent
Woo (WOO)
Price: $0.4452
24-hour gain: 8.11 percent
Render (RNDR)
Price: $4.03
24-hour gain: 6.59 percent
Top Crypto Losers Today (January 17)
According to CoinMarketCap data, these are the top five cryptocurrencies that have declined the most over the past 24 hours:
Flare (FLR)
Price: $0.02168
24-hour loss: 8.94 percent
Sei (SEI)
Price: $0.7806
24-hour loss: 3.71 percent
FTX Token (FTT)
Price: $3.04
24-hour loss: 3.66 percent
Injective (INJ)
Price: $40.44
24-hour loss: 2.91 percent
Celestia (TIA)
Price: $18.83
24-hour loss: 2.69 percent
Edul Patel, the CEO and co-founder of Mudrex, offered insights to ABP Live, stating, "The cryptocurrency market witnessed profit-taking activities in the last 24 hours, with Bitcoin nearly dipping below $42,000. However, it swiftly entered a bullish phase, pushing its price to $43,500 and then stabilizing just below $43,000. The next resistance level Bitcoin faces is at $43,918, while it can rely on the support level of $42,510. Ethereum, in the meantime, is making consistent gains..."
CoinSwitch Markets Desk observed, "The cryptocurrency market has experienced another day of limited fluctuation, even as Bitcoin (BTC) saw a 1.5% increase. Ethereum (ETH), which rose by 2.5%, appears to be gaining momentum against Bitcoin in the ETH/BTC pair, potentially due to speculation about it being the next cryptocurrency to receive an ETF approval. In other developments, the stablecoin TrueUSD (TUSD) momentarily lost 1.5% of its value, with sell orders amounting to $440 million surpassing buy orders by $300 million. TUSD has not yet fully regained its peg, currently trading near the $0.99 mark."
Rajagopal Menon, Vice President of WazirX, commented, "There has been a noticeable rise in Bitcoin's relative strength index, indicating a shift towards a bullish trend. The market is eagerly awaiting the end of Bitcoin's consolidation period, with some expecting a price surge similar to those seen before halving events. Despite recent price fluctuations caused by significant Bitcoin transactions from large holders, known as whales, the market is expected to find stability, contributing to a positive outlook for Bitcoin. At present, Bitcoin is encountering resistance at the $43,000 level, with an emerging resistance point forming around $45,250."
Sathvik Vishwanath, CEO and co-founder of Unocoin, remarked, "The recent rise in the Bitcoin Miners Position Index (MPI) to 9.43 on January 12th has injected a bearish sentiment into Bitcoin price forecasts. This spike in mining activity could suggest an uptick in selling, causing worry among crypto investors. Although Bitcoin experienced a 15% selloff last week, the market appears to be leveling out, with prices ranging between $41,600 and $43,500. Technical analysis from January 16 identified a critical juncture at $43,220, with a resistance level at $44,384. The Relative Strength Index (RSI) standing at 45 and the 50-day EMA positioned at 43,811 both point towards a cautious bearish stance. Traders are on the lookout for definitive signs of Bitcoin's consolidation, underscoring the importance of monitoring key thresholds."
The CoinDCX Research Team told ABP Live, "Bitcoin has shown steadiness over the last day, staying close to the $43,000 mark. Ethereum, on the other hand, has been outshining Bitcoin, indicating a bullish trend. While Bitcoin is in a period of consolidation, Ethereum has briefly consolidated and is now ascending towards resistance at $2,660 and $2,940. Altcoins are showing a varied performance, with those affiliated with Ethereum demonstrating resilience, whereas others are seeing declines."