Bitcoin Price Rise Continues, Most Altcoins Recover After Brief Slump

Bitcoin price in India and global markets continues to rise, raising the value of the world's most valuable and widely used digital asset. As a result, Bitcoin, which was trading at $59,304 (roughly Rs. 49.5 lakh) as of July 7, has risen to $65,965 (roughly Rs. 55 lakh) on international exchanges after a 10-day period. The value of Bitcoin has risen by over three percent over the past 24 hours. The asset is priced $68,433 (roughly Rs. 57 lakh) on Indian exchanges like WazirX, as according to the latest prices on Gadgets360's crypto price tracker on Wednesday.

“Even the news of Mt Gox moving 91,755 BTC worth 5.8 billion was unable to deeply impact the current relief rally BTC is showing. Spot bitcoin ETFs, meanwhile, have attracted over $16 billion of inflows since launching in January, with $300 million added early this week alone. The ETFs have seen consistent inflows even as bitcoin prices fluctuated, indicating strong investor demand for regulated bitcoin exposure,” the CoinSwitch Markets Desk told Gadgets360, detailing reasons for BTC's price spike this week.

Ether followed Bitcoin and rose in value on Wednesday. ETH price is currently $3,510 (roughly Rs. 2.9 lakh) on international exchanges like CoinMarketCap, after a 2.56 percent increase. On Indian exchanges, ETH is presently trading at $3,147 (roughly Rs. 2.6 lakh).

Tether, Binance Coin, Solana, Ripple, Dogecoin, and Avalanche also saw their values rise, just like BTC and ETH.

“Altcoins like XRP (37 percent up) and Near Protocol (36.8 percent up) are leading the charge, fueling overall crypto optimism. Historically, July outperforms June for Bitcoin, and this year seems to follow suit despite recent challenges,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.

The overall crypto market cap rose by 1.73 percent in the last 24 hours to reach the valuation of $2.41 trillion, as per CoinMarketCap.

However, some cryptocurrencies saw their prices fall over the past 24 hours, including Cardano, Tron, Shiba Inu, Polkadot, and Chainlink. “Volatility has significantly increased and is expected to remain high this week,” the CoinDCX maret 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.