Bitcoin, along with most cryptocurrencies, saw profits on Thursday, November 21. Bitcoin managed to spike in value by 2.26 percent in the last 24 hours. With this, Bitcoin has managed to regain the price point of $43,672 (roughly Rs. 35 lakh). Over the last day, Bitcoin value has risen by $1,608 (roughly Rs. 1.33 lakh). As per market analysts, the next hurdle for BTC is at $44,500 (roughly Rs. 37 lakh) and surpassing this could propel the price towards the $48,000 (roughly Rs. 39.9 lakh) resistance level.
Ether rose in value marginally by a mere 0.07 percent on Thursday. At the time of writing, the price of ETH stands at $2,203 (roughly Rs. 1.83 lakh).
“Historically, December month proves to be a major price action month and it is yet to be seen whether BTC has already made a local top or the bull market has just started to heat up,” the CoinSwitch Markets Desk told Gadgets360.
Ripple, Solana, Cardano, Dogecoin, Polkadot, Polygon, Chainlink, and Shiba Inu are among other cryptocurrency trading in profits on Thursday.
“One of the hottest investments of the season, Solana is also continuing its rally, with SOL (+11.9 percent) hitting the $80 (roughly Rs. 6,658) mark for the first time since May 2022 alongside being just touching distance away from being the 4th largest crypto after BTC, ETH, and USDT and beating BNB,” the CoinSwitch Markets Desk told Gadgets360.
Bitcoin Cash, Uniswap, and Stellar also managed to mint small gains.
The overall crypto market cap rose by 2.03 percent in the last 24 hours to stand on the valuation of $1.63 trillion (roughly Rs. 135,71,298 crore), showed CoinMarketCap.
Meanwhile, some altcoins that registered losses on Thursday include USD Coin, Litecoin, Cronos, Sushiswap, and Braintrust.
“VCs are predicted to re-commit to Web3 after a lacklustre year with focus on areas such as gaming. This might see a boost for gaming tokens in the coming months. The SEC’s continued engagement with stakeholders such as BlackRock and Grayscale indicates their willingness to foresee this development come to fruition during the decided approval window,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Market experts have also highlighted that crypto related stocks are performing rather well as the market exudes a ‘Strong Buy’ sentiment. While there is a bullish sentiment based on the RSI of Bitcoin, its Bollinger Band indicates the potential of price volatility.
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