Bitcoin Targets $23,000 Next While Ether, Altcoins Take Large Strides Forward

Lesser-known crypto assets, commonly referred to as altcoins led a push higher in overall crypto market through Monday that saw Bitcoin head towards $22,000 and beyond. Bitcoin has mananged to climb some 2.82 percent in 24 hours with its price close to the $21,800 (roughly Rs. 17.4 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $22,369 (roughly Rs. 17.9 lakh), up by 2.82 percent in the past 24 hours. On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $21,792 (roughly Rs. 17.44 lakh) while CoinGecko data shows that BTC's value is currently up by 9.1 percent week-to-day.

Ether, meanwhile, continues to surge after news that the Ethereum Merge, which will see the blockchain become nearly carbon neutral, is tentatively scheduled to be executed on 19 September. At the time of publishing, Ether is valued at $1,562 (roughly Rs. 1.25 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,510 (roughly Rs. 1.20 lakh), where the cryptocurrency has moved up roughly 7.8 percent over the past 24 hours.

Ether's gains over the past couple of days sees the cryptocurrency's value climb by 38.4 percent when compared to its value last Tuesday, as per CoinGecko data.

Gadgets 360's cryptocurrency price tracker reflects much of what we see with BTC and ETH at the moment with almost all of better-known altcoins seeing a surge in value — as the global crypto market capitalisation saw a rise of 3.52 percent through Thursday and early Friday.

BNB, Solana, Polygon, Stellar, Avalanche, Cardano, and Chainlink all see themselves in the green while TRON, and Elrond managed minor losses, among a sea of green values across the board.

Memecoins Shiba Inu and Dogecoin also managed to rise through early Tuesday. Dogecoin is currently valued at $0.06 (roughly Rs. 5.4) after adding some 1.74 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000012 (roughly Rs. 0.000935), up by 3.77 percent over the past day.

While the surge over the past couple of days drives Bitcoin's position out of the 'Extreme Fear' zone in the BTC Fear and Greed Index, the Reserve Bank of India (RBI) claimed to favours a ban on the cryptocurrency sector, as per a statement by finance minister Nirmala Sitharaman.

Calling for a global support on crypto regulations, Sitharaman said the RBI is concerned that the involvement of cryptocurrencies in India's existing financial systems may have a destabilising effect on monetary and fiscal stability.

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.