BTC, ETH Rally With Gains, Profits Catapult Most Cryptocurrencies Into Recovery

Most cryptocurrencies registered profits on Wednesday, February 15, after surviving days of market turbulence. Bitcoin grew by 2.18 percent on both, national as well as international exchanges. The value of Bitcoin, at the time of writing, stood at $22,100 (roughly Rs. 18.3 lakh). In the last 24 hours, the value of BTC spiked by $395 (roughly Rs. 32,732). The oldest and the most valued cryptocurrency's prices often sets the course for other altcoins and their values on the price chart.

Ether followed Bitcoin to reel-in gains. ETH is trading at $1,548 (roughly Rs. 1.28 lakh) with a 3.55 percent spike in its value, showed the crypto price tracker by Gadgets 360.

Stablecoins Tether, USD Coin, Ripple, and Binance USD along with memecoins Shiba Inu and Dogecoin — all bagged small profits.

The values of Polygon, Polkadot, Solana, Litecoin, and Tron also spiked overnight.

The overall crypto market valuation rose by 2.44 percent in the last 24 hours. At the time of writing, the crypto market cap stood at $1.03 trillion (roughly Rs. 85,04,684 crore), as per CoinMarketCap.

“With the very important data coming up today, the US Consumer Price Index (CPI) [Inflation Data], all eyes have moved to this event that will give more clarity towards macro-economic developments and directions for the crypto markets,” the CoinDCX Research team told Gadgets 360.

“Economists of the wall street are forecasting that Jan '22 to Jan '23 inflation will be lower and it would be 6.2 percent. If that happens and the annual inflation shows a decrease, we would be able to say that the US' interest rate hikes seem to be working on shrinking the possibility of economic recession. This will bring fresh liquidity in the markets and we could see the total crypto market capitalisation to grow in the coming weeks.”

Meanwhile, a small number of altcoins did meet with losses on Wednesday. These include Dash, Baby Dogecoin, Gas, and Status.

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.