Bitcoin opened up around 0.80 percent on both domestic and international exchanges on Wednesday. The value of Bitcoin at the time of writing is $21,201 (roughly 17.3 lakh). Despite the fluctuating market momentum, BTC has seen its value continue to rise over the past five days. In the last 24 hours, the value of Bitcoin has increased by $76 (approximately Rs. 6,213). Meanwhile, crypto price charts are reflecting a mood of high volatility affecting the global crypto market, with small gains and smaller losses hitting altcoins on a daily basis.
ether followed Bitcoin to post profits. With the price up 0.90 percent, ETH values are hovering around $1,581 (about Rs.1.30 lakh), the Crypto price tracker by Gadgets 360.
In the meantime, Binance coin, ripple, Cardano, Speckle, Litecoinand avalanche joined BTC and ETH as profitable cryptocurrencies.
Both memecoins Dogecoins and Shiba Inu also recorded gains.
“Most cryptocurrencies are higher on Tuesday following the latest better-than-expected China GDP numbers. Bitcoin, the largest crypto by market cap, is up nearly 21 percent over the past seven days. The bullish effect of BTC’s bullish price action carries over to other cryptocurrencies as well,” Edul Patel, CEO and co-founder of crypto investment platform Mudrex, told Gadgets 360.
However, some altcoins saw small dips on Wednesday. tether, USD coin, Binance USD, polygon, Solana All saws lose value.
Tron, Uniswap, cosmos, LION, Cronos, Near the logand decentralized also recorded a decline in value.
In the past 24 hours, the overall valuation of the crypto market increased by 0.66 percent to $996 billion (approximately Rs. 81.39.294 billion). CoinMarketCap show data.
“Crypto markets continue to maintain bullish momentum, largely driven by easing inflation, liquidation of short positions, and miners halting the multi-month selling streak. The Bitcoin Fear and Greed Index, a metric used to determine overall community sentiment, rose to neutral for the first time in nine months. The bullish momentum appears to be continuing as large whales holding 1,000 to 10,000 BTC have accumulated over 37,000 BTC over the past 10 days. BTC mining difficulty has also hit a record high of over 10 percent to 37.59 trillion amid rising prices making the network more secure against attacks,” the CoinDCX crypto exchange research team told Gadgets 360.
“Developments around other crypto assets can be seen with Polygon, a sidechain scaling solution that proposed a hard fork on Jan 17, 23 to improve chain performance and gas fee spikes. Shiba Inu, a meme token, announced the launch of shibariuma Layer 2 network expected soon and planning to increase speed, integrate NFTs and introduce a token burning mechanism,” added the CoinDCX team.
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