Bitcoin rose 2.38 percent in value on Friday. The price of the most valuable crypto asset was $18,767 (roughly 15.27 lakh) at the time of writing. Bitcoin retained a similar position on international exchanges such as Binance, Coinbase and CoinMarketCap. The crypto market is showing signs of recovery as the prices of several cryptocurrencies have surged over the past few days. In the last 24 hours, the value of BTC has increased by $560 (roughly Rs. 45,570).
polygon, Speckle, Tronand Uniswap followed Bitcoin towards the profitable side of Gadgets 360’s Crypto price tracker.
avalanche Prices surged 25 percent in the past 14 hours after Amazon Web Services (AWS) struck a deal with its creator Ava Labs to provide crypto-friendly infrastructure over Amazon’s AWS.
cosmos, Wrapped Bitcoin, bitcoin cash, Elrondand Zcash also posted gains on the crypto price chart.
“This is a good sign that investors are coming back to the market. However, it’s time to exercise caution and only move towards dollar cost averages,” Edul Patel, the CEO of crypto investment platform Mudrex, told Gadgets 360.
The overall crypto market is up 1.95 percent in the last 24 hours. After weeks of slump, the global valuation of the crypto sector has reached $907.23 billion (roughly Rs.73,82,651 crore), data from by showed CoinMarketCap.
In one day, the market capitalization has increased by US$17 billion (approximately Rs.1,38,36 billion).
“This recent surge in crypto prices comes amid the upcoming monthly inflation data in the US, where economists are predicting negative monthly growth or deflation as the unprecedented hike in Fed interest rates has finally started causing prices to cool. This has resulted in an increased lift across all risk-on asset classes, with stocks also rallying,” Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch Crypto exchange, Gadgets told 360.
Meanwhile, a number of popular altcoins posted losses on Friday.
ether, for example, opened down 0.28 percent. Despite the small gain, ETH managed to maintain its elevated price. At the time of writing, ETH is valued at $1,406 (roughly Rs. 1.14 lakh).
stablecoins such as tether, USD coin, rippleand Binance USD followed ETH to the losing side of the crypto price charts.
Litecoin, Solanaand chain link also saw their values drop today.
“Closer to home, CRE8, an index of virtual digital assets (crypto) denominated in Indian rupees, is up 10 percent over the past 21 days. The index value was 2468.25 as of 8 a.m. Friday. BTC and ETH continue to be the top assets by market cap,” Chaturvedi added.
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.
