Globally, cryptocurrency prices are amid a bull run. In India, though, the situation is a little different. There are reports of declining prices worldwide in conjunction with an increase. In response, Sumit Gupta of CoinDCX explains the situation and the reasons behind the decline in pricing, especially in India.
To give you an idea, Ethereum and Bitcoin are highly traded in US dollars. At the time of publishing this post, the values of both tokens were $65,814.97 and $3,746.74, respectively. Even when one considers their prices at the beginning of 2024, their prices are higher than previously. They have the potential to surpass past highs and lows and trade between $5,000 to $100k in the future.
According to Sumit Gupta, the abrupt selling has caused a decline in prices in the Indian market. He referred to it as a “market correction” and linked the action to the decline in USDTINR prices. He went on to say that there was no problem with CoinDCX and that the reason the markets were stable earlier was because of CoinDCX’s greater liquidity.
This basic idea applies to all exchange platforms, regardless of the nation in which they are located. The market is more stable the larger its liquidity. The rule is accepted by some of India’s top cryptocurrency exchanges. WazirX, Bitbns, and Zebpay are a few examples of this. Put simply, the transitory selling flow is what is putting pressure on cryptocurrency prices right now. The selling would soon abate, and the market would rise again.
The current situation has little effect on cryptocurrency-to-crypto pricing. The only thing that has temporarily fallen behind is the INR (₹) price. It is anticipated to reappear as the selling pressure lessens.
At the time this article was written, one ETH was worth ₹3,09,223.45 and one BTC was worth ₹54,39,168.02 in India.
International markets are aiming for Bitcoin’s $100k milestone. According to earlier predictions, the accomplishment might be accomplished by the end of 2025 or, at most, 2026. The current trajectory has led to a revision in the objective for completion by the end of 2024, which is why the discussion has resumed.
For Ether, the situation is the same. The token needs significant development to achieve $5,000 as soon as possible. The US SEC will probably accept this for the Spot Ether ETF. Although a specific date has not yet been announced, it is anticipated to occur before the middle of 2024.
Sumit Gupta believes that ultimately, cryptocurrency prices in India will rise again. CoinDCX operates normally, enabling convenient token trading and exchange for consumers. CoinDCX has an official website where new users can register and begin using the service.