Bitcoin has been trading sideways for days, with the popular cryptocurrency remaining below the $70,000 mark (roughly Rs. 58.4 lakh). On Thursday, the value of the most used digital asset in the world increased by 0.66 percent. On international exchanges such as CoinMarketCap and Coinbase, Bitcoin is currently trading at $68,105 (roughly Rs. 56.8 lakh) and is subject to fluctuations. On the other hand, Bitcoin is now worth around $72,005 (roughly Rs. 60 lakh) on Indian exchanges like WazirX and CoinDCX.
“In the last 24 hours, the crypto market experienced volatility following the release of US Consumer Price Index (CPI) data, which was lower than expected. This initially led to a market pump, but prices soon recovered following the announcement by the FOMC that is Fed funds rate would remain constant for BTC, holding above the $67,000 level (roughly Rs. 55.9 lakh) is key to sustain the uptrend,” CoinDCX Markets Division told Gadgets360.
The price of Ether increased by 0.30 percent in the last 24 hours. According to CoinMarketCap, Ether is trading at $3,509 (roughly Rs. 2.93 lakh) on foreign exchanges and $3,112 (roughly Rs. 2.6 lakh) on exchanges in India.
“Despite the imminent launch of Ether spot exchange-traded funds (ETFs) in the US, the price has remained below $3,750 (roughly Rs. 3.13 lakh) for the past three days. Some attribute ETH’s lack of bullish momentum to uncertainty over the timeline for regulatory approvals of individual S-1 funds. As derivatives metrics show, investor optimism in Ether has fallen to a three-week low,” ZebPay Trade Desk told Gadgets360. “ETH has strong support at $3,450 (approx. Rs. 2.88 lakh), while $3,700 (approx. Rs. 3.09 lakh) will now act as resistance for the asset.”
Some altcoins also joined BTC and ETH on the profit side of the crypto chart on Thursday. These include Binance Coin, Solana, USD Coin, Ripple and Cardano.
Similarly, prices of Avalanche, Shiba Inu, Polkadot, Chainlink, Near Protocol, Polygon and Litecoin also rose on Thursday.
Only a handful of cryptocurrencies that saw losses, such as Tether, Dogecoin, Tron, Leo, Braintrust and Circuits of Value, marked their names, according to crypto price tracker Gadgets360.
The total capitalization of the crypto market increased by 1.40 percent in the last 24 hours. According to CoinMarketCap, the current valuation of the crypto sector currently stands at $2.47 trillion (roughly Rs. 2,06,31,292 crore). Currently, Bitcoin’s dominance over the valuation of the crypto sector is at 54.2 percent. Ether has a market dominance of 17.2 percent, leaving the rest to other altcoins.
Cryptocurrency is an unregulated digital currency, it is not legal tender and is subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
