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Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, dipped below the $43,000 mark early Wednesday, and also briefly went below $42,000 before quickly recovering. The time, then, has come for BTC to hold strong against the next resistance level of $40,600 to see out 2023 on a positive note. It remains to be seen when the market will recover from the holiday lull among investors. Popular altcoins including the likes of Ethereum (ETH), Solana (SOL), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE) landed in the reds across the board. Mina (MINA) went on to become the biggest gainer, with a 24-hour jump of over 21 percent. Memecoin BONK became the biggest loser, with a 24-hour dip of over 16 percent.

The global crypto market cap stood at $1.64 trillion at the time of writing, registering a 24-hour dip of 2.71 percent.

Bitcoin price stood at $42,331.78, registering a 24-hour dip of 2.53 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 37.58 lakh.

ETH price stood at $2,223.98, marking a 24-hour loss of 1.95 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.97 lakh.

DOGE registered a 24-hour loss of 3.58 percent, as per CoinMarketCap data, currently priced at $0.09059. As per WazirX, Dogecoin price in India stood at Rs 8.10.

Litecoin saw a 24-hour dip of 0.03 percent. At the time of writing, it was trading at $72.74. LTC price in India stood at Rs 6,363.

XRP price stood at $0.6194, seeing a 24-hour loss of 2.80 percent. As per WazirX, Ripple price stood at Rs 54.70.

Solana price stood at $109.38, marking a 24-hour dip of 8.51 percent. As per WazirX, SOL price in India stood at Rs 9,540.98.

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

Mina (MINA)

Price: $1.4324-hour gain: 21.87 percent

Sei (SEI)

Price: $0.49424-hour gain: 17.40 percent

Astar (ASTR)

Price: $0.128624-hour gain: 16.05 percent

PancakeSwap (CAKE)

Price: $3.3724-hour gain: 13.16 percent

Polygon (MATIC)

Price: $0.995324-hour gain: 8.99 percent

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Bonk (BONK)

Price: $0.0000154224-hour loss: 16.82 percent

ORDI (ORDI)

Price: $66.8524-hour loss: 12.83 percent

SATS (1000SATS)

Price: $0.000788224-hour loss: 11.26 percent

Injective (INJ)

Price: $37.3624-hour loss: 11.08 percent

Celestia (TIA)

Price: $12.2224-hour loss: 10.67 percent

Mudrex co-founder and CEO Edul Patel told ABP Live, Bitcoin slipped below the $42,000 level, as profit-taking among certain market participants intensified. Although BTC briefly dipped below $42,000, it swiftly rebounded and is currently trading around the $42,300 mark. The market is currently witnessing a tense battle for control, with a narrow range constraining the influence of both bulls and bears. Despite a 37% retracement from its peak, Bitcoin maintains strength above the critical $40,000 support level. In sync with Bitcoin, Ethereum is also down by 2%, and the majority of altcoins are experiencing sell-offs booking short-term gains.

CoinSwitch Markets Desk noted, The crypto market experienced a decline of -2.6% over the past 24 hours, resulting in a total market capitalisation of $1.71 trillion. However, the crypto fear and greed index looks positive and has increased by 2 points since yesterday. Crypto markets saw a minor correction as BTC briefly traded below $42k late last night before honouring the trend line and taking support at around $41.8k USD mark.

Rajagopal Menon, Vice President, WazirX, said, Today witnessed a downturn in Bitcoin's price as traders rapidly liquidated their positions due to escalating funding rates, shifting the market sentiment from positive to negative. Concerns arise as the current price hovers around $42.6K, approaching a crucial support level of $42,400. While traders anticipate a potential year-end rally and await the US SEC's decision on a spot Bitcoin ETF, heightened trading volume suggests continued market interest amidst these developments.

Sathvik Vishwanath, CEO and co-founder of Unocoin, said, Cryptocurrency markets are facing a significant decline, with Ethereum (ETH), Dogecoin (DOGE) and Bitcoin (BTC) witnessing significant price declines. Ethereum's drop to $2,213.18, down 8.75% over the past month, indicates a profit-taking trend following recent gains. Dogecoin follows with a decline of 11.42% to $0.09019, in line with the movement in the broader market. Bitcoin fell 12.19% to $42,808.72, accompanied by increased trading volume. This market correction is attributed to holders capitalizing on profits, raising concerns about a broader shift in investment strategies. Analysts are closely watching this dynamic, anticipating potential market rebalancing and highlighting the importance of Bitcoin's performance in shaping overall market sentiment.

CoinDCX Research Team told ABP Live, In the last 24 hours, the overall crypto market experienced a decline following reports that creditors of the defunct Bitcoin exchange Mt. Gox have begun receiving fiat repayments for their trapped Bitcoin. While this news created FUD in the market, it's important to note that its impact on selling pressure is uncertain.BTC is currently below the support/resistance (S/R) flip at $42,600, suggesting slight bearishness. The next key support level is at $40,600, and it's crucial for BTC to hold above this level to maintain its strength and bullish outlook.

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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Cryptocurrency Price Today: Bitcoin Dips Below $43,000 As Top Coins Land In Reds - ABP Live