Bitcoin rose by under one percent to trade at $93,400 (roughly Rs. 79.7 lakh) on global platforms.
The sector’s market cap presently stands at $2.92 trillion (roughly Rs. 2,50,03,960 crore)
Photo Credit: Pexels/ David McBee
Bitcoin's price continued its rise on national and international exchanges on Friday. The most valuable crypto asset rose by less than one percent to trade at $93,400 (roughly Rs. 79.7 lakh) on global platforms. On Indian exchanges, Bitcoin is currently trading within the range of $93,086 (roughly Rs. 79.4 lakh) and $93,962 (roughly Rs. 80.2 lakh). While BTC has maintained its price above $93,000 (roughly Rs. 79 lakh) for over 48 hours, the prices of most altcoins are fluctuating, due to the ongoing market volatility.
“Bitcoin opened the day's trade on a bullish note and faced a minor pullback. Besides, the altcoins are also facing some bearish heat but have managed to sustain above the gains. This hints towards a rise in the strength of the bulls, who are currently a little passive but may initiate a fresh rally soon,” the CoinDCX Research Team told Gadgets 360.
Ether logged small losses (less than one percent) on national and international exchanges on Friday. CoinMarketCap shows that ETH is trading at $1,766 (roughly Rs. 1.50 lakh) on global platforms. On Indian exchanges, the asset is priced at $1,773 (roughly Rs. 1.51 lakh).
“The cryptocurrency appears to be stabilising its recent gains and seems poised for another upward move. Ethereum has entered a consolidation phase over the same period, with the $1,800 (roughly Rs. 1.53 lakh) level acting as minor resistance in the coming days,” said Piyush Walke, Derivatives Research Analyst, Delta Exchange.
The crypto price tracker by Gadgets 360 indicated the prices of several altcoins were down on Friday.
These include Tether, Ripple, Binance Coin, Dogecoin, and Tron. Additionally, Stellar, Bitcoin Cash, and Polkadot also showed price dips alongside ETH on Friday.
“Sentiment remains cautiously optimistic. If liquidity conditions hold, select altcoins may outperform majors in the near term. Still, investors are advised to prioritise fundamentally sound projects and maintain disciplined risk management,” said Himanshu Maradiya, Founder and Chairman, CIFDAQ Group.
Cryptocurrencies that are currently more expensive include Solana, Cardano, Leo, Shiba Inu, Litecoin, Monero, Cronos, and Cosmos among others.
The overall crypto market valuation rose by 0.92 percent over the last day, as shown by CoinMarketCap. The sector's market cap presently stands at $2.92 trillion (roughly Rs. 2,50,03,960 crore).
“The overall market sentiment is cautiously optimistic, with patterns of accumulation pointing towards a turnaround. As Bitcoin finds stability, the crypto market may be setting itself up for a new rally fueled by renewed interest and strategic positioning,” Avinash Shekhar, Co-Founder and CEO, Pi42, told Gadgets 360.
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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