Bitcoin, Ether Bounce to Mark Gains on Monday While Terra Shoot Up by 14 Percent

Terra's recent surge has seen it move past Cardano in the market capitalisation ranks.

Bitcoin, Ether Bounce to Mark Gains on Monday While Terra Shoot Up by 14 Percent

Photo Credit: Pexels/ Alesia Kozik

BTC is holding long-term support above its 100-week moving average

  • Bitcoin continues to stagnate around $40,500
  • Terra shot up a massive 14 percent
  • Meme coins SHIB and DOGE made substantial gains through the day

Bitcoin had an odd start to the week falling to a five-week low across global exchanges early on Monday, before recovering well enough to end the day in the green. In terms of value, Bitcoin fell to around the $38,500 (roughly Rs. 29 lakh) before climbing above the $40,000 (roughly Rs. 30.5 lakh) mark across exchanges like CoinMarketCap, Coinbase and Binance. At the time of writing, the value of Bitcoin is up 1.53 percent in the past 24 hours and stands at $42,552 (roughly Rs. 32.5 lakh) on Indian exchange CoinSwitch Kuber.

On global exchanges, the price of Bitcoin stands ever close to the $40,700 (roughly Rs. 31 lakh) mark at $40,690 (roughly Rs. 31 lakh) rising 2.04 percent in value over the past 24 hours. As per CoinGecko data, BTC has climbed by 3 percent in value week-to-day.

Ether, too briefly dipped below the $3,000 (roughly Rs. 2.5 lakh) mark, reaching a low of $2,880 (roughly Rs. 2.19 lakh) earlier in the day before managing to claw back over $3,000. At the time of publishing, Ether is valued at $3,179 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $3,040 (roughly Rs. 2.3 lakh), where the coin has risen by 1.74 percent over the past 24 hours.

CoinGecko data reveals that the cryptocurrency's value has slightly improved over the past week to stay 1.8 percent in the green over the past week.

As per Gadgets 360's cryptocurrency price tracker, most altcoins marked gains to begin the week. The global crypto market cap witnessed a rise of 2.46 percent over the past 24 hours. Avalanche, Litecoin, Polkadot, and Polygon all made gains on the day while Terra registered the strongest bounceback in the last 24 hours, moving up the market cap ladder past Cardano to claim 8th place in the top 10.

Shiba Inu and Dogecoin, meanwhile, had a lacklustre day with little price movement in the last 24 hours. Dogecoin is currently valued at $0.14 (roughly Rs. 11) after gaining 2.8 percent over the last 24 hours, while, Shiba Inu is valued at $0.000026 (roughly Rs. 0.002), up by 3.4 percent over the past day.

"BTC appears to be stabilising itself after a brief period of a downward trend. BTC's current support price stands at $37,000 (roughly Rs. 28 lakh), while resistance holds at $45,000 (roughly Rs. 34.5 lakh), which shows the signs of bullish activity due to oversold conditions," says Edul Patel, CEO and co-founder of crypto investment firm Mudrex speaking to Gadgets 360.

"Most cryptocurrencies have gained decent amounts over the past 24 hours. Terra has outperformed the crypto market by gaining nearly 14 percent over the past day, becoming the third-largest stablecoin. On the other hand, STEPN has also increased by about 38 percent for its Green Metaverse Token," Patel added.

Meanwhile, Tezos India has announced a partnership with experience-based learning platform, Code8 to host a crypto-focused boot camp in the country. The platform aims to create awareness around the industries of cryptocurrency, blockchain, as well as Web 3.

Over 300 students will participate in the boot camp, where they will face quizzes and open themed blockchain projects. Cash prizes of Rs. 15,000 and Rs. 10,000 will be awarded to the winners. In addition, promising project creators could also bag grants of up to $30,000 (roughly Rs. 23 lakh) via the Ecosystem Growth Grant (EGG).

The students will be required to take any relevant idea from any domain, and build solutions around it using Tezos platform. As a decentralised open-source blockchain, Tezos can execute peer-to-peer transactions and serve as a platform for deploying smart contracts.

Can OnePlus 10 Pro beat iPhone 13 Pro and Galaxy S22 Ultra? 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.

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.

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Cryptocurrency Prices across Indian exchanges


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