AUS
NZ
UK
CA
USA
IND
Highlights
- Bitcoin trades close to $100K, showing a 1.23% increase in value.
- Ethereum joins Bitcoin with a 1.08% rise on global exchanges.
- Altcoins follow suit with mixed but generally positive performance.
The cryptocurrency market experienced a significant surge on January 6, with Bitcoin leading the charge. As the largest and most valuable crypto asset, Bitcoin saw a 1.23% increase in value over the past 24 hours, reaching $99,537 on global exchanges. In India, Bitcoin traded at approximately $103,114 on CoinDCX and Giottus exchanges, reflecting a more modest increase of about 1%.
Bitcoin’s price is testing critical resistance at the $99,500 mark, having experienced six consecutive days of gains. According to the CoinSwitch Markets Desk, if Bitcoin is able to surpass the $100,000 threshold with increased trading volume, it could trigger a substantial rally similar to what was witnessed in January 2024. However, a failure to breach this resistance could potentially lead to a downward correction across the entire market.
Ethereum followed suit with a 1.08% rise in the past 24 hours, reaching $3,683 on global exchanges, and $3,785 on Indian exchanges, showing a slight increase of 0.65%. While Ether experienced upward movement, it still faces difficulty outperforming Bitcoin in terms of price action, as its trading pair against BTC currently stands at 0.037 BTC per ETH. For Ethereum to outperform Bitcoin, it would need to surpass the 0.04 BTC per ETH mark.
crypto market saw a positive sentiment, with several altcoins also registering gains. However, the performance of Bitcoin remains a critical factor for the broader market, with its movement influencing altcoins such as Solana, XRP, and Polkadot. As Bitcoin nears $100,000, the cryptocurrency market is on edge, waiting for confirmation of a breakout that could drive the market into a new phase of growth.
