Bitcoin Price Rises Again as Ether and Most Altcoins Trail Along With Small Profits: All Details

Bitcoin was priced at $21,062 (roughly Rs. 17 lakh) on Friday, representing a 1.12 percent increase in value.

Written by Radhika Parashar, Edited by David Delima | Updated: 20 January 2023 11:36 IST

Bitcoin Price Rises Again as Ether and Most Altcoins Trail Along With Small Profits: All Details

Photo Credit: Unsplash/ Kanchanara

The global crypto market cap stands at $977.40 billion

Highlights

DOGE, SHIB recorded profits on Friday
Tron, Avalanche also saw increases in value
Augur and Cartesi, on the other hand, recorded losses

Bitcoin and Ether, opened with profits on Friday, along with most cryptocurrencies that saw their values fall in the last 24 hours. With a 1.12 percent increase in value, Bitcoin's price is currently hovering around $21,060 (roughly Rs. 17 lakh). The world's most widely used cryptocurrency has also managed to maintain a similar price point on international exchanges such as Coinbase and Binance. The value of BTC rose by $312 (roughly Rs. 25,360) helping the crypto asset bounce back with a quick recovery after seeing a slight drop in value on Thursday.

Ether was not far behind Bitcoin Bitcoin in terms of seeing its value rise, after taking a small dive on Thursday. ETH price touched the mark of $1,552 (roughly Rs. 1.26 lakh) with a profit of 1. 47 percent on the crypto price tracker by Gadgets 360.

Meanwhile, Binance Coin, Cardano, Polygon, Polkadot, and Litecoin — all of which saw losses yesterday, opened with gains on Friday.

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Tron, Avalanche, Uniswap as well as Cosmos, Leo, Chainlink, and Monero also recorded profits.

Meme coins DOGE and SHIB also saw their values rise alongside the previously mentioned digital assets.

“Most cryptocurrencies rebounded as the US consumer sentiment appears to be strong. If the daily bar closes above the current value, the breakout may soon lead to a growth. However, if BTC falls below the current level, it would confirm sellers' power,” Edul Patel, CEO and Co-Founder of Mudrex told Gadgets 360.

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Despite the overall recovery for most cryptocurrencies, stablecoins Tether, USD Coin, and Binance USD stepped into the trading arena with small losses.

Solana, Decentraland, Aave, Braintrust, Cartesi, and Augur also recorded losses on Friday.

In the last 24 hours, the valuation of the global crypto market grew by 0.87 percent. As per CoinMarketCap, the crypto market cap stands at $977.40 billion (roughly Rs. 79,43,652 crore).

“Certain sectors in the crypto space have outperformed due to certain trends, of which AI based crypto projects have had the most significant rallies after the wide-spread adoption of ChatGPT in terms of unique users leading to Microsoft investing billions of dollars into ChatGPT, setting the stage for a more rapid breakthrough for mass adoption of artificial intelligence related products. AI based projects listed on CoinDCX such as Fetch. AI, Numeraire and PHB have had significant price gains over the past few months in the wake of these developments,” the research team at CoinDCX crypto exchange told Gadgets 360.

The growth and adoption opportunities for the crypto sector is also on the rise. Polygon has partnered with Ernst & Young (EY) to bring privacy focused applications for enterprises building on Ethereum. This is expected to further bolster its status as the primary scaling solution for the cryptocurrency.

“The global crypto market cap continues to hover around the trillion-dollar mark. It slightly cooled down after a heated rally across equities and crypto markets alike owing to positive updates on the macroeconomic environment in the US considering a reduction in the latest inflation rate numbers there,” the CoinDCX team added.

Will crypto tax hurt the industry in India? We discuss this 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.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Cardano, Polygon, Litecoin, Solana, Polkadot, Tron, Avalanche, Cosmos, Dogecoin, Shiba Inu, Tether, USD Coin, Binance USD, Cronos, Decentraland, Aave, Braintrust, Cartesi Augur, Chainlink, Monero

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