Bitcoin posted its highest price of the year on Monday as the world’s most popular cryptocurrency priced at $21,075 (approximately Rs. 17 lakh). The most widely used cryptocurrency recorded a gain of around two percent on both national and international exchanges. Over the weekend, BTC surged to its highest price in the last three months at $2,308 (roughly Rs. 1.8 lakh). Stablecoins and memecoins have also seen notable gains over the past 24 hours. However, some altcoins saw a drop in value on Monday.
ether followed Bitcoin on the winning track. With a 2.64 percent growth, ETH prices hit $1,566 (roughly 1.27 lakh) after weeks of market resistance. ETH prices surged by $160 (roughly Rs. 13,008) over the past three days.
Other altcoins saw gains in value on Monday, including Binance coin, Cardano, polygon, Solanaand Speckle.
Meanwhile, stablecoins such as USD coin, rippleandBinance USD also posted gains today.
Both memecoins Shiba Inu and Dogecoins also opened trading with small but significant profits.
Speaking to Gadgets 360, Edul Patel, the CEO of crypto investment platform Mudrex, spoke about shifts in the global market segment that have helped cryptocurrencies post a series of losses and gains.
“The gains came after a consumer price report last week showed a fall in January inflation numbers. This price movement is taken as a sign of recovery and is likely to continue. The Federal Reserve is also likely to scale back rate hikes,” Patel said.
The overall valuation of the crypto market increased by 2.04 percent in the last 24 hours. It had hovered close to US$810 billion (about Rs.65.90038 crore) in early 2023 and is now at US$994.80 billion (about Rs.80.87034 crore). CoinMarketCap.
Meanwhile, only ten cryptocurrencies reflected losses on Gadgets 360 Crypto Price Stapler today.
For very small dips tether, Wrapped Bitcoin, Monero, Cronosand Zcash remained on the losing side of the price charts.
The volatility of the crypto sector has been a concern for several nations. Countries like India, UK and USA are working to formulate such laws that will make the market more stable.
India, which will receive its annual budget for this year in February, has been awaiting guidelines on how to deal with the crypto sector for over a year.
However, prior to the budget announcement, RBI Governor Shakkanta Das equated investing in the crypto sector with gambling.
“Every asset, every financial product must have an underlying asset (value), but in the case of crypto there is no underlying asset and the increase in the market price of cryptos is based on illusion. So anything without an underlying, whose value is entirely dependent on appearances, is nothing but 100% speculation or, to put it bluntly, it is gambling. said This also supports a ban on the crypto sector.
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.
