Bitcoin is trading near $100,000 today

Bitcoin is trading near $100,000 today, and the majority of altcoins are showing profits.

On Monday, January 6, the value of the cryptocurrency market surged, with the majority of cryptocurrencies exhibiting gains. According to CoinMarketCap data, Bitcoin, the biggest and priciest cryptocurrency asset, increased in value by 1.23 percent over the last day on international exchanges, reaching $99,537 (about Rs. 85.4 lakh). The price of Bitcoin increased by almost 1% on Indian platforms like CoinDCX and Giottus, reaching $103,114 (approximately Rs. 88.5 lakh).

With six straight green days, Bitcoin is once again on the verge of hitting the critical $99,500 (about Rs. 85.3 lakh) milestone after ten days of chopping. The market as a whole may decline if Bitcoin is unable to overcome this barrier. The CoinSwitch Markets Desk informed Gadgets 360 that a significant rally similar to the one that occurred in January 2024 would begin if Bitcoin flips 100,000 (around Rs. 85.8 lakh) with volumes.

On the cryptocurrency chart’s profit-making side, Ether joined Bitcoin. Ether’s price increased by 1.08 percent on international markets over the past day, reaching $3,683 (around Rs. 3.16 lakh). Indian markets indicate that ETH is currently selling for $3,785 (around Rs. 3.24 lakh).

With the ETH/BTC pair trading at about 0.037 BTC per ETH, Ethereum is having difficulty reaching new highs against BTC, according to the CoinSwitch markets desk. 0.04. Ether must rise over this gap in order to outperform Bitcoin in terms of price action.

The bulk of cryptocurrencies are trading profitably on Monday, according to Gadgets 360’s cryptocurrency price chart.

Alongside Bitcoin and Ethereum, Cardano, Avalanche, Polkadot, Uniswap, Litecoin, and Leo all enjoyed gains on Monday.

According to CoinMarketCap data, the total value of the cryptocurrency market increased by 0.53% over the past day. The sector is currently valued at $3.52 trillion, or around Rs. 3,02,11,385 crore. At the moment, Bitcoin dominates the cryptocurrency price chart by 55.74 percent.

Tether, Solana, Binance Coin, Dogecoin, Tron, Shiba Inu, and Stellar are among the cryptocurrencies that saw losses on Monday.

The 20-day estimated moving average (EMA) has begun to rise, which gives Solana some hope despite opposition around the 50-day simple moving average (SMA). Following purchasers pushing the price beyond $5 (about Rs. 430), Sui is also displaying a bullish surge. Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets 360 that Dogecoin’s recent upward trend, supported by whale activity, may see it exceed $1 (about Rs. 85) and reach the market cap of $100 billion (about Rs. 8,58,286 crore).

FAQ

Why is Bitcoin trading near $100,000 today?

Bitcoin’s price surge is attributed to consistent growth over the past several days, with increased market demand and positive investor sentiment. This growth follows a six-day rally, pushing Bitcoin closer to the significant $100,000 mark.

How has the value of other cryptocurrencies been affected by Bitcoin's rise?

Other major cryptocurrencies, such as Ethereum (ETH), Cardano, and Polkadot, have also shown profitability. Ether’s value, for example, increased by 1.08%, reaching over $3,600 in global markets. Most altcoins are currently following Bitcoin’s lead in experiencing gains.

Will Bitcoin hit the $100,000 mark soon?

Bitcoin is currently very close to reaching $100,000, with experts predicting that a rally similar to January 2024 may occur if Bitcoin breaks through the $99,500 barrier. The success of this push will depend on volumes and market conditions.

What are the major factors influencing cryptocurrency prices today?

Increased investor interest, positive market trends, whale activity (large holders), and significant institutional investments are contributing to the upward momentum in the crypto market. Additionally, strong performance in Bitcoin and Ethereum is uplifting the overall market.

Which cryptocurrencies are performing well, and which ones are struggling?

Cryptocurrencies like Bitcoin, Ethereum, Cardano, and Litecoin are showing profits today. However, coins such as Tether, Solana, Binance Coin, and Dogecoin have experienced losses. Despite this, Solana and Dogecoin have some hope for recovery due to positive technical indicators.