Bitcoin finally broke through $17,000 (about 13.9 lakh) over the weekend after being stuck below the level for months. Currently, BTC is valued at $17,200 (roughly Rs. 14 lakh) after posting a 1.60 percent gain. Between last Friday and today, bitcoin is up a whopping $352 (about Rs. 28,980). Price charts were awash with green as the majority of cryptocurrencies entered the trading floor with significant gains on Monday, January 9th.
etherDirectly behind Bitcoin, managed to break out of its resistance level. With a 3.53 percent growth, ETH reached the price of $1,305 (roughly Rs.1.07 lakh), that showed Crypto price tracker by Gadgets 360. Over the weekend, ETH has appreciated by $55 (roughly Rs. 4,528).
“If Bitcoin and Ether are able to hold their current positions, it could signal a reversal in the bear market trend. This indicates low selling volume, suggesting that the bears may be losing strength,” Edul Patel, the CEO of crypto investment platform Mudrex, told Gadgets 360.
Cardano and Solana – both altcoins made big gains.
While ADA grew 19 percent and traded at 0.33 percent (approx. Rs.27.15), SOL appreciated 20 percent in value to reach the $16 (approx. Rs.1,318) valuation. Both altcoins continue to be impacted by the rough market dynamics, clinching gains after days of losses.
Stablecoins pegged to the US Dollar – inclusive USD coin and ripple minted profits alongside other altcoins like polygon, Litecoin, Speckleand Tron.
both meme coins, Shiba Inu and Dogecoins also reflected small gains.
The overall valuation of the crypto market increased by 3.19 percent in the last 24 hours. acc CoinMarketCap, the market capitalization reached US$849.8 billion (approximately Rs.69.95.173 billion). In the past three days, the value of the valuation has increased by $33 billion (approximately Rs.2.71.63 billion).
Even underdog altcoins like it Zilliqa, NEM, cards, augurand SLIDE opened today with profits.
Cryptocurrencies that saw losses today include Binance USD, hyphenand To bend.
“The growth of most cryptocurrencies could be attributed to the release of data showing that the US services industry suffered a decline in December for the first time in over two years as demand weakened. Corporate price increases also slowed down significantly. This suggests inflation could be slowing down,” Patel further noted.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made on an accepted recommendation, forecast or other information contained in this article.
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