Bitcoin Spikes Over $30,000 Amid Banking Sector Chaos; ETH Joins Most Altcoins in Profits

On Wednesday, April 19, Bitcoin minted 2.65 percent in gains to trade at $30,222 (roughly Rs. 24.8 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 19 April 2023 11:21 IST

Bitcoin Spikes Over $30,000 Amid Banking Sector Chaos; ETH Joins Most Altcoins in Profits

Photo Credit: Pixabay/ Sergei Tokmakov

As of April 19, the crypto market valuation stood at $1.27 trillion

Highlights

Dogecoin, Shiba Inu recorded gains
Binance USD, Ripple saw profits
Cosmos saw losses

The crypto market has been rallying with profits ever since three banks in the US collapsed back-to-back within a week last month. With investor trust seeing an inclination towards Bitcoin, the crypto asset has recently recorded its highest value in at least eight months and has managed to retain the profits. On Wednesday, April 19, Bitcoin minted 2.65 percent in gains to trade at $30,222 (roughly Rs. 24.8 lakh) on both national as well as international exchanges. In the last 24 hours, Bitcoin managed to rise by $870 (roughly Rs. 71,422), lifting several altcoins up the price chart.

Ether joined Bitcoin on the profit-making side of the price chart. With a gain of 0.60 percent, the value of ETH stood at $2,093 (roughly Rs. 1.7 lakh) at the time of writing.

“Investors appear to be renewing their enthusiasm for assets that hold their value, even as concerns about the banking industry dissipate. Soon, BTC's next resistance will be at the $30,500 (roughly Rs. 25 lakh) level to continue its upward momentum, while support is expected at the $29,800 (roughly Rs. 24.4 lakh) level. Meanwhile, Ethereum has continued to strengthen its gains against Bitcoin since the Shanghai upgrade. Whether ETH will maintain its outperformance over BTC in the coming days needs to be seen,” Edul Patel, CEO of Mudrex crypto investment platform, told Gadgets 360.

Coinbase Is Ramping Up Web3 Initiatives in the UK: Here’s Why

Most cryptocurrencies floated to the gaining-side of the crypto price chart on Wednesday following the significant spike experienced by the top two cryptocurrencies.

These include stablecoins Tether, USD Coin, Ripple, and Binance USD alongside Cardano, Polygon, and Solana.

Both memecoins Dogecoin and Shiba Inu also minted small profits on Wednesday.

Ethereum’s Shanghai Upgrade Sees Over 1 Million Token Withdrawn, No Chaos in Crypto

“Liquid staking pools on Ethereum have witnessed an increased activity after the blockchain's Shanghai upgrade. Chinese banks have also shown intention to join APAC's crypto contenders by partnering with virtual digital asset businesses,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360, noting other reasons why the crypto market was rallying with gains.

The capitalisation of the global crypto market rose by 1.55 percent in the last 24 hours. At the time of writing, the crypto market valuation stood at $1.27 trillion (roughly Rs. 1,04,48,534 crore), showed CoinMarketCap.

While the overall market momentum seems to be on an upward curve, some cryptocurrencies are still struggling to move over their losses.

These include Cosmos, Litecoin, Flex, and Circuits of Value among others.

Apple is opening its first stores in India, one in Mumbai and the other in Delhi. What does this mean for Apple customers in India? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

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

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More