Crypto Price Today: Bitcoin Inches Closer to $45,000 Mark, Several Cryptocurrencies Recover

In the last 24 hours, the value of BTC has risen by $1,693 (roughly Rs. 1.4 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 8 February 2024 12:28 IST

Crypto Price Today: Bitcoin Inches Closer to $45,000 Mark, Several Cryptocurrencies Recover

Photo Credit: Reuters

The valuation of the crypto sector currently stands at $1.17 trillion

Highlights

Avalanche, Tron saw profits
Dogecoin, Shiba Inu saw gains
Braintrust, Augur saw losses

Bitcoin on Thursday, February 8, recorded a profit of 3.66 percent. With this, the value of the cryptocurrency has escalated to $44,505 (roughly Rs. 36.9 lakh). In the last 24 hours, the value of BTC has risen by $1,693 (roughly Rs. 1.4 lakh). As per market experts, this bullish move for BTC indicates a potential for further upward momentum, with next levels at $45,400 (roughly Rs. 37.6 lakh) and $48,000 (roughly Rs. 39.8 lakh). Most cryptocurrencies followed Bitcoin on the gain trail, showed the crypto price tracker by Gadgets360.

Ether minted a profit of 2.80 percent on Thursday. The second most valuable cryptocurrency, at the time of writing, is trading at $2,425 (roughly Rs. 2 lakh). In the last 24 hours, the value of ETH rose by $64 (roughly Rs. 5,310).

“It's worth noting that historically, February has been one of the best months for Bitcoin. It broke out of its consolidation phase in a smaller timeframe, reaching the upper level of its range. Altcoins also closed in the green, benefiting from BTC's rally. ETH broke out above its range high, currently holding above $2,450 (roughly Rs. 2.03 lakh), which is a positive signal for ETH and related tokens,” the CoinDCX team told Gadgets360.

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Binance Coin, Solana, Ripple, Dogecoin, Cardano, and Avalanche — all recorded gains on Thursday.

Tron, Polkadot, Polygon, Shiba Inu, Litecoin, Bitcoin Cash, and Uniswap among others also reflected profits alongside BTC and ETH.

“Popular altcoin SOL (+5 percent) also saw a comeback, as after Solana blockchain came for a five-hour halt a day back, the upside price uptrend was not impacted, and the bulls were still able to take the price back above the psychological $100 mark (roughly Rs. 8,299),” the CoinSwitch Markets Desk told Gadgets360.

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The overall crypto market cap went up by 3.31 percent in the last 24 hours. At present, its valuation stands at $1.71 trillion (roughly Rs. 1,41,91,657 crore), showed CoinMarketCap.

Only a small number of altcoins saw losses on Thursday. These include Tether, USD Coin, Chainlink, Braintrust, and Augur.

The much-awaited Dencun upgrade, introducing “proto-danksharding” has also completed its final stage of testing on one of the Ethereum testnets, and is now awaiting a final date for the mainnet deployment. With Ethereum L2s gaining significantly in the form of lower transaction costs, L2s can be the coins to look out for in the next few weeks.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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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, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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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