Bitcoin, meanwhile, has gained 164 per cent in the last one year - from a level of around $37,000 to nearly $98,300 now. This is despite the cryptocurrency halving in April 2024.
The cryptocurrency climbed as much as 4.7% to an unprecedented $80,092 on Sunday
Supply of bitcoin, which is limited to 21 million tokens, is set to get tighter in April, when the so-called "halving" event takes place
There's definitely something of an irrational behaviour creeping into the market," said Kyle Rodda, senior markets analyst at Capital.com
The crypto market is expected to reach $4.94 billion by 2030, and there is an estimated more than 600 crypto exchanges worldwide
On Friday, the crypto market cap was above $871 billion with Bitcoin trading at $17,301 and Ethereum at $1,271
India needs a regulatory framework for cryptocurrencies
Bitcoin reached an all-time high of $19,511 in December 2017, capping a 1,400% surge that year, only to be followed by a 74% collapse in 2018
The price retreat comes as regulators adopt an increasingly skeptical stance towards the digital money
According to a news report, the exchanges include Zebpay, Unocoin, CoinSecure and BtcxIndia