Bitcoin bagged a profit of 1.82 percent to trade at the price point of $26,873 (roughly Rs. 22 lakh) on Tuesday.
The crypto market capitalisation reached $1.08 trillion on June 20
Photo Credit: Pexels/ Rodnae Productions
The crypto price chart seemed to make its way out of the severe loss zone on Tuesday, June 16, after more tokens reflected profits than drops. Bitcoin bagged a profit of 1.82 percent to trade at the price point of $26,873 (roughly Rs. 22 lakh) on Tuesday. This is the first time in days that the most expensive cryptocurrency stepped into the trading arena with gains in its kitty. Over the last day, the price of Bitcoin grew by $478 (roughly Rs. 39,183).
Ethereum, like Bitcoin, did see gains, registering a slightly smaller rise than BTC. With a miniscule gain of 0.56 percent, ETH is trading at the price point of $1,733 (roughly Rs. 1.4 lakh). In the last 24 hours, the value of Ether went up by $10 (roughly Rs. 820).
“BTC's value over $26,000 (roughly Rs. 21 lakh) for the second day in a row. This could be treated at the new psychological support level for BTC, while resistance remains at $27,000 (roughly Rs. 22 lakh). In a recent development for Ether meanwhile, Ethereum developers have proposed raising the validator limit by 6,300 percent, from 32 ETH to 2048 ETH. This comes at the backdrop of the significant expansion of the validator set in ETH's ecosystem, leading to network congestion,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, told Gadgets 360.
Most other altcoins joined Bitcoin and Ether on the profit-making side of the crypto price chart.
These include Tether, Dogecoin, Solana, Polygon, and Litecoin.
Profits also added to the values of Shiba Inu, Avalanche, Monero, Stellar, Cronos, and Near Protocol, showed the crypto price tracker by Gadgets 360.
The overall valuation of the crypto market rose by 1.07 percent in the last 24 hours to reach the mark of $1.08 trillion (roughly Rs. 88,22,702 crore), as per CoinMarketCap.
“The outflows for digital assets amounted to $5.1 million in the previous before a humble pick up of inflows. The bull market sentiment continues among investors even as no significant surge in BTC prices can be foreseen in the near future,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.
Binance Coin, Ripple, Cardano, Tron, and Leo recorded losses on Tuesday.
Cosmos, Chainlink, Uniswap, and Bitcoin Cash also recorded price dips on the crypto charts.
Industry insiders are hopeful, however, that the positive developments generating around the crypto market will have a lasting impact.
“Despite the challenges, there are some positive signs for the bitcoin market. Fidelity Investments, the third-largest asset manager in the world, is reportedly considering applying for a spot bitcoin ETF. This could help to legitimize bitcoin as an investment and attract more institutional investors into the space,” the CoinDCX research team told Gadgets 360.
In other news, a UK bill promoting crypto regulations has been approved by the parliament. The bill—Financial Services and Markets Bill (FSMB)—is now entering the final stages before it is pushed as a law. The bill treats all crypto as regulated activity, considers stablecoins under UK's payment rules, and proposes measures to supervise crypto promotions.
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