At the time of writing, BTC was trading at $92,425 (roughly Rs. 78 lakh) on international exchanges.
The valuation of the crypto sector has come to $3.08 trillion
Photo Credit: Pexels/ Rodnae Productions
Amidst the ongoing crypto rally, the price of Bitcoin saw a slight increase over the last 48 hours, while most altcoins have also seen their prices rise. On Wednesday, Bitcoin's price rose by less than one percent on national and international exchanges. At the time of writing, BTC was trading at $92,425 (roughly Rs. 78 lakh) on international exchanges, according to CoinMarketCap. In India, Bitcoin is currently priced at $93,440 (roughly Rs. 78.8 lakh). In the backdrop of its price rally, MicroStrategy's Michael Saylor said he plans to pitch Microsoft on adding Bitcoin to its treasury, arguing it would enhance the company's stability and reduce risk.
“Options trading on Blackrock's iShares Bitcoin Trust began yesterday and roughly 98 percent of all options are 'call' orders to buy BTC, which indicates bullish sentiment. Bitcoin spot ETFs have reversed their recent outflows and have registered $850 million (roughly Rs. 7,172 crore) in net inflows over the last two days,” Giottus CEO Vikram Subburaj said in a statement to Gadgets360.
The price of Ether rose by 0.28 percent on foreign exchanges on Wednesday. Its price has now reached $3,110 (roughly Rs. 2.62 lakh) internationally. As per Gadgets360's crypto price tracker, the price of ETH in India stands at $3,187 (roughly Rs. 2.69 lakh).
Alongside BTC and ETH, altcoins like Dogecoin, USD Coin, Cardano, Wrapped Bitcoin, Cronos, and Monero also saw their prices increase.
Other altcoins that saw a slight increase in price include Floki Inu, Underdog, Iota, Braintrust, and Binance USD.
The overall crypto market cap grew by 0.24 percent in the last 24 hours, as per CoinMarketCap. With this, the valuation of the sector rose to $3.08 trillion (roughly Rs. 2,59,88,824 crore).
On the other hand, Tether, Solana, Binance Coin, Ripple, Tron, Shiba Inu, and Avalanche and other altcoins that were recently increasing in value experienced a slowdown on Wednesday.
"This market rally was fueled by reports that Donald Trump's social media company was in talks to acquire crypto trading firm Bakkt, sparking optimism about a more crypto-friendly environment under the upcoming Trump administration. The introduction of options trading for BlackRock's iShares Bitcoin Trust (IBIT) is another milestone, potentially boosting liquidity and providing investors with more ways to gain exposure to the asset. This development represents a crucial turning point in Bitcoin's evolution, highlighting the growing institutional interest and a shift in market dynamics,” CoinDCX Co-Founder Sumit Gupta 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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