The capital inflows into Bitcoin ETFs as well as the approaching Bitcoin halving event are among major factors that are contributing to this BTC rally.
The overall crypto market valuation stands at $1.95 trillion
Photo Credit: Reuters
Bitcoin on Thursday rose by 4.86 percent. The asset, for the first time in over two years, is trading at $52,044 (roughly Rs. 43.2 lakh). The capital inflows into Bitcoin ETFs as well as the approaching Bitcoin halving event are among major factors that are contributing to this rally for the reigning crown of the crypto kingdom. Currently, the total value invested in the asset has already surpassed the trillion-dollar mark. Ether, on the other hand, showed a gain of 5.75 percent. At the time of writing, Ether was trading at $2,792 (roughly Rs. 2.31 lakh). Over the last two days, the value of Ether has spiked by $150 (roughly Rs. 12,450).
“The crypto market continues to rise, with Bitcoin and Ethereum hitting their highest points of the year. This growth is fueled by increased investments in Bitcoin spot ETFs and positive sentiment about the upcoming halving event. Ethereum aims to break the $2,900 (roughly Rs. 2.4 lakh) barrier on its way to $3,300 (roughly Rs. 2.7 lakh). Altcoins have also started showing strength — tokens like STX and IMX have surged by over 25 percent in just a few days,” the CoinDCX market desk told Gadgets 360.
Solana, Ripple, , Uniswap, and Chainlink joined BTC and ETH on the profit-making side of the crypto price chart.
Cardano, Avalanche, Dogecoin, Tron, and Polkadot also registered profits.
Cryptocurrencies that saw their values fall on Thursday include USD Coin, Tether, Cosmos, and Monero.
The overall crypto market cap spiked by 5.32 percent in the last 24 hours. The sector valuation, as for now, stands at $1.95 trillion (roughly Rs. 1,61,88,578 crore), as per CoinMarketCap.
The crypto sector is garnering traction from both – the global investor community as well as the world leaders. Earlier this week, for instance, Indian Prime Minister Narendra Modi called out for global support to tackle emerging technologies like artificial intelligence (AI) and cryptocurrency.
“One event investors should pay close attention to is the recent Genesis court approval to redeem its Grayscale Bitcoin Trust holdings valued at $1.3 billion (roughly Rs. 10,790 crore) and potential impacts on the cryptocurrency market,” Shivam Thakral, CEO of BuyUcoin 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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