Crypto Market Overview
India’s crypto market scene took a cautious tone today as global and domestic cues kept traders on edge. The overall cryptocurrency market cap hovered around $3.55 trillion, down roughly 1.6 % over the last 24 hours. The Fear and Greed Index sat at 27 (Fear), signalling heightened risk aversion. Bitcoin briefly dipped below $107 k before finding support near $104 k, while Ethereum slid towards the mid‑$3.5 k zone. The rupee strengthened slightly, with the USD/INR exchange rate at around ₹88.62 per dollar, meaning international price moves were quickly felt in local portfolios.
Bitcoin & Ethereum Price Movement
| Metric | Bitcoin (BTC) | Ethereum (ETH) |
|---|---|---|
| Price (approx. INR) | ₹9.27 lakh (≈ $104,586) | ₹3.10 lakh (≈ $3,499) |
| Price (approx. USD) | $104,586 | $3,499 |
| 24‑h % change | ≈ −1.06 % | ≈ −3.20 % |
| 24‑h high | ₹95.06 lakh (≈ $107,270) | ₹3.24 lakh (≈ $3,654) |
| 24‑h low | ₹92.29 lakh (≈ $104,140) | ₹3.09 lakh (≈ $3,485) |
| Sentiment | Cautiously bearish | Weakening momentum |
| Commentary | Bitcoin fell below ₹95 lakh early in the session as hawkish comments from the US Fed and a spike in liquidations triggered risk‑off sentiment. Buyers stepped in near ₹92 lakh, suggesting strong support around ₹9.2 lakh and resistance near ₹9.8 lakh. | Ethereum underperformed Bitcoin, slipping towards ₹3 lakh as investors locked in profits. The smart‑contract platform continues to face headwinds from muted DeFi activity and broader market volatility. Support is near ₹3.1 lakh with resistance around ₹3.3 lakh. |
Bitcoin (BTC) briefly dipped below $107,000 before bouncing near key support, reflecting its role as the market’s bellwether during risk-off cycles.
Ethereum (ETH) continued to lag behind, with price action slipping toward ₹3 lakh as investors assessed DeFi activity and broader network momentum.
Market movements and key indices
Global cues
A hawkish tone from US Federal Reserve officials dampened risk appetite. Fed Chair Jerome Powell signalled that rate cuts were unlikely in December, which strengthened the dollar and led to profit‑taking across crypto markets. Leveraged positions were squeezed: over $1.1 billion in liquidations were reported in the last day, according to data from major exchanges. This cascade pushed Bitcoin toward its 200‑day moving average, which currently sits around $109 k. Market observers note that long‑term holders remain steady, hinting that the sell‑off might be a leverage reset rather than a deeper trend reversal.
Local (Indian) cues
Domestically, the rupee’s slight recovery to the ₹88.6 per USD level helped cushion some losses when converted to local currency. However, 1 % TDS deductions and 30 % tax on gains continue to restrict speculative trading activity. Indian exchanges reported moderate volumes as traders awaited clarity on global macro data and the Reserve Bank of India’s next policy steps. The absence of major regulatory announcements kept sentiment aligned with global trends.
Top indices and market cap
- Total market cap: ≈ $3.55 trillion, down ~1.58 % in 24 hours.
- Top currencies by market cap in India: Bitcoin (₹92.7 lakh, −2.92 %), Ethereum (₹3.11 lakh, −6.16 %), Tether (₹88.57, −0.25 %), XRP (₹202, −6.54 %) and Binance Coin (₹84,533, −8.32 %).
- Fear & Greed Index: 27 (Fear), indicating cautious market mood.
Top Trending Coins in India
Search trends on popular Indian crypto platforms showed heightened interest in privacy‑focused and small‑cap tokens. The top trending coins today include Zcash (ZEC), Decred (DCR), Dash (DASH), Staked Stream USD (XUSD), Internet Computer (ICP), Aster (ASTER) and Horizen (ZEN). These tokens drew attention due to large price swings and social media buzz.
Top Gainers (Altcoins)
| Altcoin | 24‑h % change | Brief comment |
|---|---|---|
| Decred (DCR) | +135.37 % | Privacy‑oriented coin rallied sharply after on‑chain governance proposals gained community support; renewed interest pushed DCR to the top of the leaderboard. |
| Dash (DASH) | +64.74 % | Resurgent demand for faster, low‑fee payments boosted DASH, helped by rising merchant adoption in Latin America and Asia. |
| Internet Computer (ICP) | +32.18 % | A spike in developer activity and news of enterprise partnerships lifted ICP; investors anticipate greater utility for Web3 applications. |
| Zcash (ZEC) | +21.21 % | Focus on privacy and recent upgrades to the protocol spurred buying interest, making ZEC a standout among privacy coins. |
| Monero (XMR) | +4.20 % | Steady gains from consistent demand for anonymous transactions; XMR remains a hedge for privacy enthusiasts despite regulatory scrutiny. |
Top Losers (Altcoins)
| Altcoin | 24‑h % change | Possible reasons |
|---|---|---|
| Aster (ASTER) | −14.67 % | Profit‑taking after a strong run and concerns over token unlock schedules led to heavy selling. |
| Bitget Token (BGB) | −14.28 % | Exchange‑token weakness reflected reduced trading volumes and concerns over regulatory tightening on offshore platforms. |
| Cosmos (ATOM) | −11.79 % | Market participants grew cautious about network upgrades and interoperability delays, prompting a pullback. |
| Aptos (APT) | −10.92 % | Early‑stage projects on the Aptos chain faced delays, and risk‑off sentiment hit layer‑1 tokens particularly hard. |
| Toncoin (TON) | −8.31 % | Weakening momentum in the Telegram‑backed ecosystem and general market sell‑off pressured TON despite solid fundamentals. |
Other notable market updates
- Dogecoin (DOGE): Fell about 3.1 % to $0.17 (≈ ₹18.25). Meme coin enthusiasm cooled after a multi‑week rally.
- Litecoin (LTC): Declined 5.3 % to roughly $90.25 (≈ ₹8,845) as miners prepared for the next difficulty adjustment.
- Ripple (XRP): Dropped 4.3 %, trading around $2.34 (≈ ₹232). Regulatory uncertainty around ongoing lawsuits kept sentiment mixed.
- Solana (SOL): Slid 7.1 % to $165.20 (≈ ₹17,927), reflecting profit‑taking after a strong October.
Key coins to watch
- Decred (DCR): After a spectacular one‑day run, it will be important to see if the rally sustains or if sellers step in. Traders should watch for pullbacks to support zones around ₹3,800 per coin.
- Dash (DASH): Momentum could carry forward if payment adoption stories continue; however, volatility remains high. A break above ₹12,000 could signal further upside.
- Bitcoin (BTC): The bellwether will likely dictate broader market direction. Key support around ₹9.2 lakh and resistance near ₹9.8 lakh should be monitored.
- Ethereum (ETH): With layer‑2 scaling solutions gaining traction, ETH’s performance may hinge on network upgrades and DeFi revival. Watch the ₹3.1 lakh support and ₹3.3 lakh resistance levels.
- Zcash (ZEC) & Dash (DASH): Privacy coins have regained interest. Continued regulatory developments could either accelerate or stall this trend.
Outlook for tomorrow
Crypto market update for tomorrow remains cautious heading into the next session. Analysts from Indian exchanges note that Bitcoin’s key resistance lies near $108.8 k, while support sits around $104.4 k. A sustained break above resistance could pave the way for a rebound towards $111 k–$113 k, while failure to hold support might trigger a deeper correction toward $94 k. Ethereum’s immediate outlook is similar: consolidation is expected between $3.4 k and $3.7 k. Macro‑economic news, particularly from the US labour market, and any statements from the Reserve Bank of India will likely influence sentiment. For investors in India, monitoring rupee movements, regulatory updates, and trading volumes on domestic exchanges will be crucial. Overall, the market appears to be undergoing a healthy reset after October’s exuberance, and long‑term holders may view dips as accumulation opportunities while traders should employ tight risk management.
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