Bitcoin Price Sees Minor Hike, Ether and Solana Also Climb Up the Price Ladder

Bitcoin on Wednesday 13 registered a hike of 3.04 percent after reeling under losses in the preceding days. This minor profit punch took Bitcoin's value to $25,937 (roughly Rs. 21.4 lakh), from the price point of $24,152 (roughly Rs. 20 lakh) that it recorded one day ago. This means, over the last day Bitcoin has marked a value hike of $1,785 (roughly Rs. 1.47 lakh).

Ether on Wednesday joined Bitcoin on the profit-making side of the crypto price chart. Bagging a gain of 2.72 percent, the value of ETH now stands at $1,596 (roughly Rs. 1.32 lakh). Over the last 24 hours, the value of ETH rose by $41 (roughly Rs. 3,397).

"This positive price change could be reflective of renewed interest in the Bitcoin Spot ETF race as Franklin Templeton, the asset management giant, filed an application with the US SEC. As market sentiment turned positive, this notable filing coincides with the number of wallets holding 0.1 BTC, which reached an all-time high of 12 million yesterday. This may indicate the growing trust of market participants in Bitcoin," Edul Patel, Co-Founder and CEO, Mudrex, told Gadgets 360.

After registering minor but notable losses last day, several cryptocurrencies managed to reel in profits today.

These cryptocurrencies include Binance Coin, Ripple, Cardano, Dogecoin, Solana, and Polkadot.

Other altcoins to have risen with small profits today include Polygon, Litecoin, Shiba Inu, Bitcoin Cash, and Leo alongside Avalanche, Chainlink, Monero, and Uniswap.

The crypto sector valuation rose overall by 2.24 percent in the last 24 hours to stand at the mark of $1.03 trillion (roughly Rs. 85,38,236 crore), showed CoinMarketCap.

"The FTX court hearing is scheduled to come out today alongside the awaited inflation data. The forecast this time is an YoY increase of 3.6 percent which is more than the previous 3.2 percent. Increased inflation can be another bearish catalyst crypto market might have to withstand," Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

For now, only a small number of cryptocurrencies are trading in losses today. These include Tether, USD Coin, Stellar, and Binance USD.

Near Protocol, Iota, Augur, Circuits of Value, and Bitcoin Hedge recorded small losses, too.

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