Bitcoin Moves Into Green Territory for 2022 as Crypto Market Surge Continues

Bitcoin and the wider crypto market have moved along further up in terms of value as the weekend saw more gains than most recent weekends. Bitcoin's resurgence over the past couple of weeks. In terms of value, the world's most popular cryptocurrency is finally back in positive territory for the year in what has been a topsy-turvy three months into 2022. At the time of writing Bitcoin is up by 4.10 percent, after recording a 1.12 percent rise through Sunday, and looks strong at $47,188 (roughly Rs. 36 lakh) on Indian exchange CoinSwitch Kuber.

On global exchanges, the price of Bitcoin has made a break for the $47,000 (roughly Rs. 36 lakh) mark at $46,986 (roughly Rs. 36 lakh) moving up by 5.3 percent over the past 24 hours. As per CoinGecko data, Bitcoin has remained in the green over the past week, adding 13.5 percent week-to-day.

Ether, the world's second-largest cryptocurrency has made moves over the weekend too, adding 2.07 percent in value through Sunday after a strong showing last week. At the time of publishing, Ether is valued at $3,313 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $3,306 (roughly Rs. 2.5 lakh), where the coin has seen a strong 24-hour run to gain 5.34 percent.

CoinGecko data reveals that the cryptocurrency's value has moved up by more than 15 percent over the past week and a strong 19 percent in value over the past month.

Gadgets 360's cryptocurrency price tracker paints a similar story for most of the popular altcoins too. The global crypto market cap added another 4.7 percent over the past 24 hours with all of the top digital tokens trading high. Avalanche, Polkadot, Uniswap, and Stellar appear to be carrying the most momentum at press time with Cardano, Solana, Polygon, Binance Coin, and Terra all charting gains.

Meme coins Shiba Inu and Dogecoin continued their surge over the weekend too. Dogecoin is currently valued at $0.15 (roughly Rs. 11.5) after rising by 4.33 percent in the last 24 hours, while, Shiba Inu is valued at $0.000026 (roughly Rs. 0.002), up by 5.15 percent over the past day.

"Bitcoin shot past the $46,500 mark (roughly Rs. 35.5 lakh) for the first time in 3 months. Word on the street is that this was likely triggered by the Luna Foundation Guard (LFG)'s purchase of another $125 million (roughly Rs. 955 crore) worth of the digital asset, as the Foundation looked to take exposure to $10 billion (roughly Rs. 76,335 crore) Bitcoin. The pre-existing supply crunch, evident by constant drainage off exchanges over the past few months also added to the price rally," CoinDCX's Research Team said speaking to Gadgets 360.

Bitcoin has posted a strong past couple of weeks, especially given the quarterly options expiry on Friday and refused to slow down following the Federal Reserve's decision last week to raise interest rates. The continued escalation of Russia's invasion of Ukraine with its economic fallout has also had little bearing on the crypto market's consistent rise over the past 10 days.

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