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Bitcoin Soars Over $28,500, Stablecoins Stew in Losses Despite Most Altcoins Seeing Gains

Bitcoin Soars Over $28,500, Stablecoins Stew in Losses Despite Most Altcoins Seeing Gains

BTC reached the price point of $28,581 (roughly Rs. 23.4 lakh) after it minted a profit of 2.32 percent.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 5 April 2023 11:03 IST

Bitcoin Soars Over $28,500, Stablecoins Stew in Losses Despite Most Altcoins Seeing Gains

Photo Credit: Pixabay/ WorldSpectrum

The crypto market valuation stands at $1.2 trillion as of April 4

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Highlights

Binance Coin, Cardano saw gains
Tron, Chainlink recorded profits
Most stablecoins settled in losses

After days of incurring minor losses, Bitcoin managed to make a substantial recovery on Wednesday, April 5. The oldest cryptocurrency reached the price point of $28,581 (roughly Rs. 23.4 lakh) after it minted a profit of 2.32 percent. In the last 24 hours, BTC managed to grow in value by $736 (roughly Rs. 60,425). Experts predict that the underlaying volatile element of the crypto sector could have BTC taking some time before it crosses the price of $30,000 (roughly Rs. 24.66 lakh).

Ether also chimed-in with profits to join Bitcoin on the price charts. With bigger gains of 5.40 percent, the price of ETH has spiked to $1,910 (roughly Rs. 1.5 lakh). The second-most expensive cryptocurrency after BTC, ETH has registered a rise of $103 (roughly Rs. 8,456) in the last day.

In a rather conventional market movement, the price hikes of BTC and ETH managed to pull several altcoins back to the greens, showed the crypto price chart by Gadgets 360.

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These include Binance Coin, Cardano, Polygon, Solana, and Polkadot.

Litecoin, Tron, Avalanche, and Chainlink also traded gains.

“The job market is also experiencing a decline, leading to cautiousness from investors about the future. Despite this, Ether outperformed BTC, and other major Cryptos were largely in the green. Icon (ICX) and 0x Protocol (ZRX) have been the top gainers on WazirX in the last 24 hours,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

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In a surprising turn of events, Dogecoin, that rose by over 22 percent a day ago after Twitter CEO Elon Musk replaced the Twitter bird logo with the Dogecoin dog, could not retain its profit streak. DOGE dropped in value by 1.53 percent to trade at $0.096 (roughly Rs. 7.90).

In fact, with the exception of Ripple, most other stablecoins receded with losses. These include Tether, USD Coin, and Binance USD.

In the last 24 hours, the total crypto market cap rose by 2.48 percent to reach the valuation of $1.2 trillion (roughly Rs. 98,58,559 crore), showed CoinMarketCap.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Stablecoins, Ether, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Wrapped Bitcoin, Bitcoin Cash, Flex