The crypto market is seeing record gains as Bitcoin’s upward momentum continues to create new benchmarks. Over the weekend, BTC spiked to its new all-time high, exceeding $106,000 (roughly Rs. 89.9 lakh). On Monday, the world’s most valuable cryptocurrency underwent some price correction. At the time of writing, BTC was trading at $104,527 (roughly Rs. 88.6 lakh) on global exchanges after climbing 2.15 percent in the last 24 hours, showed CoinMarketCap. On Indian exchanges like CoinSwitch and CoinDCX, meanwhile, BTC’s price grew by 2.57 percent to trade at $104,344 (roughly Rs. 88.5 lakh).
“Bitcoin seems to have marked its support over $2 trillion (roughly Rs. 1,69,66,500 crore) dollar market cap – making it the 7th largest asset in the world by market cap with Amazon and Google being less than 15 percent away,” the CoinSwitch market desk told Gadgets 360. “Pro Bitcoin company Microstrategy is set to enter Nasdaq 100 as per its 100th annual reshuffling. This means that it will now be a part of one of the world’s largest ETF with more than $300 billion (roughly Rs. 25,44,975 crore) in assets under management,” the crypto firm added.
At a time when US President-elect Donald Trump is talking about establishing Bitcoin as a reserve asset as soon as he takes offices, several crypto assets are rallying. Ether grew by 1.80 percent in the last 24 hours and is presently trading at $3,966 (roughly Rs. 3.36 lakh) on international exchanges. The price of ETH on Indian exchanges, meanwhile, stands at $3,935 (roughly Rs. 3.33 lakh).
As per the crypto price tracker by Gadgets 360, Solana, Dogecoin, USD Coin, and Cardano are trading in gains.
Tron, Avalanche, Polkadot, Bitcoin Cash, and Litecoin also reflected profits on Monday.
“Optimism for bullish momentum remains firm as the market awaits a 25-basis point cut by the Federal Reserve, triggering high overtures in the market. In the derivatives market, open interest in Bitcoin futures and options had hit record highs, indicative of an overwhelmingly bullish sentiment. The market can see short-term consolidations before a new bull run as selling volumes can outpace buying volumes,” Avinash Shekhar, the co-founder and CEO, Pi42, told Gadgets 360.
The valuation of the crypto sector rose by 1.61 percent over the last day. The current market cap of the sector stands at $3.69 trillion (roughly Rs. 3,13,00,425 crore), as per CoinMarketCap.
Tether, Ripple, Binance Coin, Chainlink, and Shiba Inu recorded losses on the price chart on Monday.
Prices of Stellar, Uniswap, Cronos, Cosmos, and Elrond also registered minor slips.
Market analysts have warned investors to be ready for price corrections in the coming days.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
