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.
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.
“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.
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