Bitcoin, Ether See Profits As Crypto Market Shows Some Recovery Amid Economic Slowdown

The crypto price charts looked greener on Wednesday, April 13, compared to earlier this week. Bitcoin opened trading with a profit of 0.28 percent, priced $41,954 (roughly Rs. 32 lakh) on Indian exchange CoinSwitch Kuber. Showing a similar movement, Bitcoin managed to see small gains on global exchanges as well. On Binance for instance, Bitcoin trading value hovered around $40,069 (roughly Rs. 30.5 lakh) after having risen by 1.01 percent.

Ether trailed behind Bitcoin to register gains. ETH spiked by 1.13 percent to bring its value to $3,184 (roughly Rs. 2.5 lakh), as per Gadgets 360's crypto price tracker.

Majority altcoins rallied behind BTC and ETH to see small, but significant profits.

Binance Coin, Solana, Ripple, Cardano, and Terra saw gains.

Meme coins DOGE and SHIB also climbed up the price ladder with gains of 2 percent and 18.96 percent respectively.

“Crypto's reaction to the bleak economy is yet another indication of its safe haven characteristic as investors hedge on digital assets in times of uncertainty,” the research team at CoinDCX told Gadgets 360.

The values of stablecoins such as Tether and USD Coin, and Binance USD were axed, mostly due to US' stressed economic climate. The inflation rate in the US has hit a new high, reaching 8.5 percent in the past year — the highest in over 40 years.

Experts are optimistic that the crypto market will only mature from undergoing economic turmoil.

“While bitcoin continues to strengthen its correlation with the US traditional stock market, this could be yet another sign of the leading digital currency's maturity as investors bet on crypto as a symbol of its progressive idea,” the CoinDCX team added.

Meanwhile, the market share of better-known crypto exchanges across the world reached a new all-time high of 96 percent in February 2022, as per data collected by UK-based analytics company CryptoCompare.

The report said, that from a total of more than 150 exchanges that were tracked, 78 exchanges have been classified as ‘top tier' grade, with Coinbase, Gemini, Bitstamp, and Binance the only four to receive the highest AA grading.

The market cap of the crypto industry stands at $1.87 trillion (roughly Rs. 1,42,39,532 crore) as per CoinMarketCap.

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