In the last 24 hours, the value of Bitcoin rose notably by $252 (roughly Rs. 21,009).
The crypto market cap, as of December 7, stands at $1.6 trillion
Photo Credit: Reuters
Bitcoin on Thursday, December 7 managed to mint a minor profit of 0.43 percent. At the time of writing, Bitcoin was trading very close to the mark of $44,000 (roughly Rs. 36.6 lakh) -- precisely at the price point of $43,922 (roughly Rs. 36.6 lakh). In the last 24 hours, the value of Bitcoin rose notably by $252 (roughly Rs. 21,009). Market analysts predict, studying the bull run, Bitcoin can end the year of 2023 trading above the price point of $50,000 (roughly Rs. 41.6 lakh).
“From a technical standpoint, BTC is currently situated at the $44,000 (roughly Rs. 36.6 lakh) resistance level. The overall momentum remains positive, with no clear signals of a reversal or bearish trend. Minor pullbacks and corrections are considered healthy for the current scenario,” CoinDCX research team told Gadgets360.
In a rather unconventional market movement, Ether did not see any profits on Thursday. Having incurred a loss of 1.38 percent, Ether is trading around the price point of $2,250 (roughly Rs. 1.87 lakh).
“Ether is in between two crucial levels at $2,130 (roughly Rs. 1.77 lakh) and $2,450 (roughly Rs. 2 lakh). Minor pullbacks and corrections are considered healthy for the current scenario,” the CoinDCX team added.
Among other profit-making cryptocurrencies, Binance Coin, Ripple, Cardano, Dogecoin, and Tron marked their presence.
Polygon, Polkadot, Shiba Inu, Leo, Stellar, and Monero also managed to bag small gains.
The overall valuation of the crypto sector rose by 0.56 percent in the last 24 hours. As of Thursday, the crypto market cap stands at $1.6 trillion (roughly Rs. 1,33,37,600 crore) as per CoinMarketCap.
“The market is signalling a strong 'Buy' sentiment, driven by the remarkable rally of Bitcoin. Memecoins, including Shiba Inu and Dogecoin, are riding a fresh wave of momentum, experiencing significant price gains amid the broader market upswing. Bitcoin, commanding a market dominance of over 53 percent, is not only shaping the crypto landscape but also paving the way for notable developments across the ecosystem,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Meanwhile, other cryptocurrencies that are trading in losses alongside Ether include Tether, Solana, Aavalanche, Chainlink, Litecoin, Bitcoin Cash, Cosmos, and Uniswap among others.
“In a very counterintuitive move, however, JP Morgan's CEO expressed his strong dislike of crypto assets such as Bitcoin. During a Senate banking committee hearing, CEO Jamie Dimon called for government shutdown on crypto. It is worth mentioning that cryptos, due to their inherent nature, possess attributes of censorship resistance. Even if someone holds unfavourable views, they may face practical challenges in impeding the operation of a genuinely decentralised cryptocurrency such as Bitcoin,” the CoinSwitch Markets Desk told Gadgets360.
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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