BTC Crosses $24,000 Mark, ETH Joins Majority Altcoins in Recording Price Hikes

The value of Bitcoin reached $24,256 (roughly Rs. 20 lakh) in the last three days.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 20 February 2023 10:57 IST

BTC Crosses $24,000 Mark, ETH Joins Majority Altcoins in Recording Price Hikes

Photo Credit: Unsplash/ Dmitry Demidko

The overall crypto market cap stands at $1.12 trillion

Highlights

Dogecoin saw losses
Shiba Inu recorded gains
Monero, Near Protocol saw profits

Majority cryptocurrencies emerged out of the weekend slumber with price hikes on Monday, February 20. The value of Bitcoin reached $24,256 (roughly Rs. 20 lakh) in the last three days. As per experts, investors may benefit from the upcoming Federal Open Market Committee (FOMC) meeting slated for early March. Despite the overall risen price point, BTC did record a loss of 1.91 percent on Monday. The minor fluctuation did not notably impact the overall BTC value, which rose by $412 (roughly Rs. 34,059) over the weekend.

Speaking to Gadgets 360, Edul Patel, the CEO and co-founder of Mudrex crypto investment platform predicted that BTC's next resistance point could be at $31,000 (roughly Rs. 25.6 lakh).

“Buyers are still active in the market. If they push BTC back up to $25,250 (roughly Rs. 20.8 lakh), the next resistance level will be at $31,000 (roughly Rs. 25.6 lakh), with no major obstacles in between,” Patel noted.

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Ether followed Bitcoin in having its overall value spiked in recent days, but to have recorded a small loss on Monday. ETH, which dropped by 0.85 percent in value, is currently trading at $1,684 (roughly Rs. 1.39 lakh), showed the crypto price tracker by Gadgets 360.

“ETH is trading near its $1,700 (roughly Rs. 1.40 lakh) resistance level. A breakthrough above this level could lead to an uptrend in the days to come,” Patel added.

Small losses struck stablecoins Tether, USD Coin, Ripple, and Binance USD alongside altcoins such as Cardano, Polygon, Polkadot, Litecoin, and Avalanche.

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Memecoins Shiba Inu and Dogecoin showed varied movements. While the former reeled-in small gains, the latter recorded small losses.

Minor rate spikes also reflected next to other altcoins like Binance Coin, Solana, Tron, Uniswap, Monero, and Near Protocol among others.

The overall crypto market cap, that stands at $1.12 trillion (roughly 92,30,844 crore), tumbled by 0.23 percent in the last 24 hours as per CoinMarketCap.

“Overall, the market is still bullish, with market participants being optimistic about the next FOMC meeting in March,” Patel said.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Tether, USD Coin, Ripple, Binance USD, Cardano, Polygon, Polkadot, Litecoin, Avalanche, Shiba Inu, Dogecoin, Binance Coin, Solana, Tron, Uniswap, Monero, Near Protocol

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