BTC, ETH Open With Gains, Majority Cryptocurrencies Join Price Rally

The overall market movement reflected a positive sentiment with majority altcoins reflecting gains on Thursday, August 11. Bitcoin registered a price hike of 2.70 percent to approach the mark of $25,400 (roughly Rs. 20 lakh), as per Indian exchange CoinSwitch Kuber. This is the first time in months that the oldest cryptocurrency has exceeded the price point of $25,000 (roughly Rs. 19.8 lakh). On international exchanges however, BTC stayed stuck to the price point of $24,371 (roughly Rs. 19 lakh) despite reeling-in gains of over six percent.

Ether followed BTC's price trajectory and gained 8.28 percent on the price charts. Maintaining its health, the cryptocurrency is rapidly nearing the mark of $2,000 (roughly Rs. 1.58 lakh). ETH is currently priced $1,961 (roughly Rs. 1.58 lakh), Gadgets 360's crypto price tracker showed.

Binance Coin, Ripple, Cardano, Solana, and Polkadot reeled-in gains.

Dogecoin and Shiba Inu also bagged profits.

While all popular cryptocurrencies swelled in prices, only Tether and USD Coin were struck with losses.

A bunch of underdog altcoins like Dogefi, Bitcoin Hedge, Flex, Floki Inu, Husky, and Nano Dogecoin also incurred minor losses.

The global crypto market cap currently stands at $1.15 trillion (roughly Rs. 91,36,701 crore), making for a 6.65 percent increase over the last day, as per CoinMarketCap.

This positive market movement follows the latest Consumer Price Index (CPI) report that has shown that inflation risks are beginning to cool down.

“When it comes to Decentralised Finance protocols, active addresses and growing layer-2 adoption through optimistic solutions is reviving the sector's growth. Venture capital inflows further support the DeFi resilience thesis as crypto-centric Multicoin Capital launched a $430 million (roughly Rs. 3,408 crore) fund recently that is focusing on specific products that bridges the legacy financial systems with DeFi applications,” the CoinDCX team told Gadgets 360.

Meanwhile, newer developments in the crypto sector continue to finetune the sector on a daily basis.

Indian exchange CoinSwitch Kuber for instance, has launched a ‘Web3 Discovery Fund' to catapult up to 100 Indian start-ups with investments and early-stage incubation for blockchain and Web3-related start-ups.

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