Bitcoin Price Rebounds After Two-Day Crypto Market Slump as Values of Most Altcoins Rise: Details

The digital assets sector appears poised for a rebound with several cryptocurrencies recording profits days after hitting a small slump. On Wednesday, Bitcoin rose by 3.53 percent, trading at $28,350 (roughly Rs. 23 lakh). The most expensive cryptocurrency managed to maintain similar pricing on both, national as well as international exchanges. Over the past 24 hours, the value of Bitcoin rose by $1,008 (roughly Rs. 82,630), while Ethereum and most other cryptocurrencies also saw their prices rise.

Ether saw a 2.48 percent increase in value on Wednesday. The price pf ETH hovered around $1,863 (roughly Rs. 1.5 lakh), according to the crypto price chart by Gadgets 360.

“Bitcoin climbed past $28,000 (roughly Rs. 23 lakh) buoyed by investors' favourable response to the moderately positive Q1 earnings reports from Alphabet and Microsoft. Additionally, the upswing may also be due to the worries about banking stability triggered by First Republic Bank's revelation of a $100 billion (roughly Rs. 8,19,648 crore) deposit loss during its Q1 earnings presentation on Monday,” Edul Patel, Co-founder and CEO at Mudrex told Gadgets 360.

Most cryptocurrencies registered gains on Wednesday, following the rise of Bitcoin and Ether. These include Binance Coin, USD Coin, Ripple, Cardano, Dogecoin, Polygon, and Solana.

Similarly, Polkadot, Litecoin, Binance USD, Shiba Inu, Tron, and Avalanche also recorded minor but significant gains.

The market cap of the crypto sector grew by 2.53 percent in the last 24 hours, and has now reached $1.18 trillion (roughly Rs. 96,99,797 crore), as per data from CoinMarketCap. Meanwhile, a small number of altcoins such as Tether, NEM, Cartesi recorded dips in value on Wednesday.

“The rise in network activity in recent months, with 432,613 transactions on April 23, the third-highest daily transaction count in its history demonstrates that demand to utilise the Bitcoin network as a settlement layer is robust and improving. In further signs of crypto adoption, Stellar Network has launched the first US-registered fund to use a public blockchain for transaction processing and share ownership recording. Telegram wallet users can also now buy, withdraw, and exchange Bitcoin,” the research team of CoinDCX told Gadgets 360.

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