Bitcoin's value jumped by $740 (roughly Rs. 61,560) over the past 24 hours.
The crypto market valuation, as of October 26, stands at $1.28 trillion
Photo Credit: Reuters
Bitcoin on Thursday saw its value rise by 1.78 percent as the price of BTC, the most widely used cryptocurrency, stood at $34,690 (roughly Rs. 28.8 lakh). This is the first time in six months that the price of Bitcoin has reached so close to the mark of $35,000 (roughly Rs. 29 lakh). Over the last 24 hours, the price of Bitcoin rose by $740 (roughly Rs. 61,560). In the backdrop of this, most cryptocurrencies saw their values rise, and holders of several crypto assets minted profits today.
Ether value rose by 0.08 percent on Thursday, taking the asset's trading value to $1,793 (roughly Rs. 1.49 lakh). Over the last day, the price of Ether rose minutely by $5 (roughly Rs. 415). “The Bitcoin rally is supported by a wave of new and smaller investors flocking to the market. There's a palpable buzz about larger asset management firms entering the Bitcoin arena. This heightened anticipation follows the possibility of a green light from the US SEC for a Bitcoin Exchange-Traded Fund (ETF),” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Tether, Solana, Cardano, Dogecoin, Litecoin, and Polygon showed profits on Thursday.
Polkadot, Shiba Inu, Avalanche, Monero, Cosmos, and Cronos also recorded gains.
The overall valuation of the crypto sector rose by 1.94 percent in the last 24 hours. The market cap of the digital assets sector, as for now, stands at $1.28 trillion (roughly Rs. 1,06,53,267 crore), as per CoinMarketCap. “The consistent gains registered by BTC have overshadowed the price action of ETH and other major altcoins. This has led to BTC dominance hitting a new 30-month high of over 54 percent; the highest since April 2021. In terms of other cryptos, Polygon developers have announced that smart contracts of the upcoming POL token have gone live on the Ethereum mainnet as the Polygon blockchain sets motion to its plans. The POL token is expected to be valid on all blockchains that run atop the Polygon network,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Cryptocurrencies that dropped in value included Binance Coin, Ripple, Litecoin, Stellar, Uniswap, and Bitcoin SV. Neo Coin, Zcash, Dash, Status, Ardor, and Braintrust are also currently trading at lower values.
“As investors become comfortable with the risk curve during this market phase, altcoins may see an uptick in investor interest, leading to a correction in BTC dominance. Furthering Web3's institutional push, Mastercard and MoonPay are collaborating to explore how blockchain-based Web3 technology can enhance consumer loyalty in the crypto and NFT payment space,” Chaturvedi noted. “Market sentiment is currently the most positive it has been since November 2021, as indicated by the crypto fear and greed index reaching 72, signifying a strong bullish sentiment. Interestingly, meme tokens like PEPE have experienced substantial gains, with an increase of over 25 percent in the past day,” the CoinDCX research team added.
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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