Bitcoin on Thursday, December 14, recorded a gain of 4.22 percent. The value of Bitcoin, at the time of writing, stood at $42,680 (roughly Rs. 35.5 lakh). After going through a period of price correction this week, Bitcoin has managed to see recovery in its pricing. In the last 24 hours, the value of Bitcoin rose substantially by $1,813 (roughly Rs. 1.5 lakh). Despite having incurred losses in the recent days, BTC has seen an eight percent month-to-date increase and an impressive 148 percent surge year-to-date.
“BTC recovered to $43,000 (roughly Rs. 35.8 lakh), registering an almost five percent increase from its recent drop below $41,000 (roughly Rs. 34.1 lakh) following Monday’s flash crash. The crypto market experienced a simultaneous surge, fuelled by positive signals from the Federal Reserve hinting at imminent interest rate cuts,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Ether managed to mint a profit of 3.67 percent in the last 24 hours. The value of ETH, at the time of writing stood at $2,248 (roughly Rs. 1.87 lakh) showing a rise by $82 (roughly Rs. 6,830) over the last day.
Most cryptocurrencies are trading in profits today. These include Binance Coin, Ripple, Solana, Cardano, Avalanche, Dogecoin, Polkadot, and Tron.
“Cardano (ADA, +17.3 percent) is on the rise as it is up by more than 50 percent in the last seven days. As per blockchain research firm Santiment, the primary reason for this rally is ‘Supply Distribution’ where smallholders are selling while the whales are purchasing. The current ADA rally shows the market is increasingly becoming bullish for altcoins as well and the well-awaited ‘altseason’ might come sooner than later,” the CoinSwitch Markets Desk told Gadgets360.
Other cryptocurrencies that are trading in the greens today, include, Polygon, Chainlink, Shiba Inu, Litecoin, Bitcoin Cash, Uniswap, and Stellar.
The overall market valuation of the crypto sector rose by 4.23 percent in the last 24 hours. The crypto market cap currently stands at $1.6 trillion (roughly Rs. 1,33,32,120 crore), as per CoinMarketCap.
“The monthly US CPI remaining unchanged is considered positive news, prompting a favorable response from BTC and ETH. This recovery could reflect the market’s anticipation of the potential approval of a spot BTC exchange-traded fund (ETF) in January 2024, aligning with notable cash inflows from institutional investors,” the CoinDCX research team told Gadgets360.
Meanwhile, some cryptocurrencies did record losses today. These include Tether, USD Coin, Cosmos, Leo, Monero, Binance USD, and Braintrust.
“The market is expected to sustain the momentum in the coming weeks. Fed kept the interest rate unchanged and hinted that it could go for several rate cuts next year, bringing cheer to the trading community as it will boost liquidity in the market and spark economic activity in several sectors,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
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.
