Bitcoin and Ether Reap Small Profits, Losses Strike Some Altcoins Like Cosmos, Tron

Bitcoin on Wednesday recorded a small price hike of 1.75 percent. With that, the price of the most expensive cryptocurrency has come to $29,706 (roughly Rs. 24.6 lakh). In the last 24 hours, the value of BTC has risen by $580 (roughly Rs. 48,031). In the past week, Bitcoin outflows from exchanges has totalled $111 million (roughly Rs. 920 crore), industry experts have highlighted. This makes for the largest weekly outflow for Bitcoin since March.

Ether joined Bitcoin in profits on Wednesday. The second largest crypto after Bitcoin, Ether bagged a gain of 1.45 percent. At the time of writing, the value of ETH stood at $1,853 (roughly Rs. 1.53 lakh). In the last 24 hours, the value of ETH went up by $26 (roughly Rs. 2,153).

Speaking to Gadgets 360, Shubham Hudda, Senior Manager, CoinSwitch Markets Desk highlighted that apart from USDT and USDC, the top 10 cryptos by market capitalisation have seen positive price action over the last day. “BTC managed to break the $30,000 (roughly Rs. 24.8 lakh) resistance level but failed to sustain the momentum. On the other hand, popular memecoin PEPE (+7.4 percent) has recently found new support and has seen a significant uptick in terms of the volume of coins traded,” Hudda said.

Tether, Binance Coin, Ripple, Dogecoin, Cardano, Solana, and Polygon — all recorded small profits on Wednesday.

Furthermore, Litecoin, Polkadot, Shiba Inu, Avalanche, Chainlink, Stellar, and Leo also reflected small gains.

In the last 24 hours, the valuation of the crypto market spiked by 1.64 percent to sit on the mark of $1.18 trillion (roughly Rs. 97,72,618 crore), showed CoinMarketCap.

With this, the crypto fear and greed index also observed some correction. The index is down four points from yesterday and is currently in the neutral zone with a score of 50/100.

Only a small number of cryptocurrencies recorded losses today.

These include Wrapped Bitcoin, Bitcoin Cash, Cosmos, Braintrust, and Augur among some others.

“In other news, BlackRock's much-awaited Bitcoin ETF is likely six months away and is more of a question of ‘when, and not if'. This development is set to boost the inflow of institutional money into the biggest digital asset in the world,” Hudda noted.

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