Cryptocurrency price charts around the world looked green on Monday, as the prices of most digital assets continued to rise. Bitcoin clocked gains of around one percent over the last day on both national and international exchanges. The asset, at the time of writing, was trading at $90,574 (roughly Rs. 76.4 lakh) on foreign exchanges, according toCoinMarketCap. As per Indian exchanges like CoinSwitch and CoinDCX, Bitcoin is trading at $91,119 (roughly Rs. 76.9 lakh). Over the last week, Bitcoin’s price has increased by 13 percent.
“The US is defining a new financial strategy through the proposed Bitcoin Act of 2024 and plans to create a Strategic Bitcoin Reserve of 1,000,000 Bitcoins within five years. The acquisition of up to 200,000 Bitcoins every year will ensure that BTC becomes a part of the traditional stores of value — more resilient, resistant to inflation, and unaffected by tradition,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.
Ether also rose in value alongside Bitcoin on Monday. The second most valued cryptocurrency after Bitcoin, ETH is presently priced at $3,115 (roughly Rs. 2.62 lakh) on global exchanges. As per Indian exchanges, the value of ETH stands at $3,175 (roughly Rs. 2.68 lakh). The asset’s value has increased by one percent on both, national as well as international exchanges.
“ETH spiked as high as $3,500 (roughly Rs. 2.95 lakh) but later retraced to $3,100 (roughly Rs. 2.61 lakh), showing the ever-volatile market. It is notable that Ethereum ETFs had their best week, at $533.9 million (roughly Rs. 4,505 crore) in inflows despite minor outflows on Thursday and Friday,” Shekhar added.
As shown by the crypto price tracker on Gadgets360, Solana, Binance Coin, Ripple, and Dogecoin also increased in value, as did Cardano, Tron, Polkadot, Stellar, and Monero.
“The CEO of Ripple has voiced hope that the recently elected President will implement regulatory changes that could promote a transformative era for the US cryptocurrency market. Investors are optimistic about the market and expect significant growth opportunities in the next few weeks,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
The valuation of the crypto market has climbed to 3.06 trillion (roughly Rs. 2,58,25,589 crore). In the last 24 hours, the crypto market cap rose by 0.96 percent, as per CoinMarketCap data.
On the other hand, Tether, USD Coin, Avalanche, and Bitcoin Cash saw their values drop, while Litecoin, Cronos, and Polygon prices also dropped over the past 24 hours.
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.
