Bitcoin’s trading value came to $87,382 on Wednesday, November 13
The cryptocurrency market has become more volatile than usual following the election of pro-crypto Donald Trump as the 47th President of the United States. Bitcoin, which had earlier surpassed the $89,900 mark (approximately Rs. 75.9 lakhs), experienced a slight decline of just over 1% in the past 24 hours. On Wednesday, November 13, Bitcoin was valued at $87,382 (roughly Rs. 73.7 lakhs) on international exchanges, according to CoinMarketCap. On Indian exchanges, the price of Bitcoin dropped by 2.10%. Despite this minor setback, Bitcoin is currently trading at $85,987 (around Rs. 72.5 lakhs).
“This marks Bitcoin’s first decline since Trump’s election win, which initially boosted market optimism. Despite this small dip, analysts remain optimistic about Bitcoin’s long-term prospects. The recent fluctuations are attributed to profit-taking by investors, broader market factors, and economic uncertainties. Many investors believe Bitcoin’s fundamentals remain strong, and they anticipate more regulatory developments and continued institutional interest,” said Shivam Thakral, CEO of BuyUcoin.
Ether (ETH), however, experienced a larger drop than Bitcoin, both globally and in India. With a decline of over 4%, Ether is currently priced at $3,180 (roughly Rs. 2.68 lakhs) on international exchanges, while in India, it is priced at $3,117 (approximately Rs. 2.63 lakhs), according to crypto price tracker Gadgets360.
Tether, Solana, Binance Coin, Dogecoin, USD Coin, Cardano, and Shiba Inu all joined Bitcoin and Ethereum in experiencing losses.
Vikram Subburaj, CEO of Giottus, commented on the recent price fluctuations, stating that such corrections are a natural part of the market. He emphasized that the overall market sentiment remains bullish.
Major altcoins like Solana, Cardano, BNB, and Ethereum have followed Bitcoin’s slight dip but have started to stabilize, showing early signs of recovery on shorter time frames. Weekly gains for these assets continue to be strong, remaining solidly in the double digits. Subburaj also highlighted the positive market sentiment, noting that the Fear and Greed Index has risen to 84, indicating a state of “extreme greed.”
Owing to market fluctuations, the overall crypto market cap tumbled by 4.12 percent over the last day. As per CoinMarketCap, the overall valuation of the crypto market presently stands at $2.86 trillion (roughly Rs. 2,41,39,115 crore).
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.
