Bitcoin Price Continues to Rise Alongside Ether and Most Cryptocurrencies: Details

Bitcoin price continued to rise slightly on Thursday as the world's most widely used cryptocurrency saw its value increase for the second day in a row. Up by 1.57 percent, Bitcoin is currently trading at $26,560 (roughly Rs. 21.7 lakh). Over the last 24 hours, the value of Bitcoin has risen substantially by $623 (roughly Rs. 51,674). The rise in values of Bitcoin and most other cryptocurrencies could be related to the news of collapsed exchange FTX receiving legal approval from a US court to sell crypto tokens worth billions of dollars to raise money to pay back creditors who suffered the brunt of FTX's collapse.

Ether joined Bitcoin and recorded a price hike on Thursday. At the time of writing, the value of ETH stood at $1,620 (roughly Rs. 1.34 lakh) — a 2.06 percent increase over Wednesday's price. The overall crypto market cap fell by 1.22 percent in the last 24 hours to $1.04 trillion (roughly Rs. 86,26,987 crore), according to CoinMarketCap.

“The bankrupt FTX exchange has received court approval to liquidate its crypto assets, valued at over $3.4 billion (roughly Rs. 28,200 crore). Judge John Dorsey's decision allows FTX to proceed with selling, staking, and hedging its holdings. While there's some anticipation of additional selling pressure due to FTX's activities, experts believe this is already considered in current market prices. Importantly, a significant portion of FTX's assets is in Solana, but most of it is staked and unavailable for sale, mitigating concerns,” the CoinDCX research team told Gadgets 360.

Altcoins that saw their prices increase included Tether, Binance Coin, Ripple, Cardano, Dogecoin, Solana.

These weren't the only altcoins that recorded increases in value on Thursday. Polkadot, Polygon, Litcoin, Shiba Inu, Bitcoin Cash, and Avalanche also rose in value alongside the most valuable cryptocurrency.

“BTC's price action in the last 24 hours also withstood the US inflation data, which showed its highest one-month increase since June 2022. The data was higher than the expected 3.2 percent, at 3.7 percent. Bitcoin maximalists have long identified BTC as an inflation hedge. It would be interesting to see if BTC continues to hold the current price level. The support level to watch is $24,500 (roughly Rs. 20.3 lakh),” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.

A few cryptocurrencies did see their prices fall, including Leo, Bitcoin SV, Spell Token, and Augur.

“Bitcoin buyers are waiting for a price hike to sell their tokens on the higher side. The price of the token appears to be steady. Nasdaq's willingness to register a spot Bitcoin ETF perks the sentiment of the market. Meanwhile, Ethereum's possible liquidity crunch goes hand in hand with its volatility indicator. There however, seems to be an increase in interest among users in buying the token,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

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