Bitcoin's (BTC) price rose by 4 percent over the last 24 hours.
The crypto sector valuation stands at $3.02 trillion
Photo Credit: Pexels/ David McBee
Bitcoin showed signs of a significant price recovery on Friday, and the world's oldest cryptocurrency continues to rise towards $100,000. On Friday, Bitcoin's price rose by nearly four percent over the last 24 hours to hit $96,845 (roughly Rs. 81.2 lakh) on international exchanges. On Indian crypto exchanges, Bitcoin price rose by around two percent to trade at $96,820 (roughly Rs. 81.2 lakh). Ether reflected slightly bigger gains than Bitcoin on Friday. The asset is presently trading at $1,836 (roughly Rs. 1.53 lakh), having clocked a gain of over four percent on international exchanges. The second most valuable crypto asset after BTC, ETH is retailing at $1,857 (roughly Rs. 1.55 lakh) on Indian exchanges.
"Bitcoin has decisively broken past the $96,000 (roughly Rs. 80.5 lakh) barrier. With a contracting economy, the probability of a Fed rate cut at the June FOMC meeting has risen from 57 percent to 60 percent, further fuelling investor optimism. All eyes are now on the jobs report due today, which could influence short-term market sentiment," Edul Patel, Co-founder and CEO of Mudrex told Gadgets 360. "Ethereum is also sustaining levels above $1,800 (roughly Rs. 1.50 lakh), further supporting the prevailing positive sentiment of the overall market," said Himanshu Maradiya, Founder, CIFDAQ.
The crypto price tracker by Gadgets 360 showed prices of most altcoins were up on Friday.
These include Binance Coin, Solana, Dogecoin, Cardano, Chainlink, and Avalanche.
Stellar, Shiba Inu, Litecoin, Polkadot, and Cosmos were also up on Friday.
"The entire market displays stability as the tokens within the top 10 are trading above the gains," the CoinDCX research team told Gadgets 360.
The overall crypto market cap also breached the $3 trillion (roughly Rs. 2,51,89,755 crore) mark for the first time in over a month. Presently, the sector valuation stands at $3.02 trillion (roughly Rs. 2,53,56,780 crore) having grown by nearly two percent, shows CoinMarketCap.
Meanwhile, Tether, Tron, Monero, Uniswap, Status, and Braintrust were down on Friday. "Interestingly, the popular memecoins like Pudgy Penguins (PENGU), Bonk (BONK), OFFICIAL TRUMP (TRUMP), and Fartcoin (FARTCOIN) face some loss," the CoinDCX team added.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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