Bitcoin Hits $50,000 Mark for First Time in Two Years, Tether and USD Coin See Losses

In the last 24 hours, proving all expert predictions right, Bitcoin price swelled by $1,816 (roughly Rs. 1.50 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 13 February 2024 11:34 IST

Bitcoin Hits $50,000 Mark for First Time in Two Years, Tether and USD Coin See Losses

Photo Credit: Pexels/ Rodnae Productions

The overall valuation of the crypto sector stands at $1.87 trillion as of February 13

Highlights

Bitcoin SV, Elrond saw gains
Leo, Bitcoin Cash saw losses
Braintrust, Monero saw gains

Bitcoin on Tuesday, February 13, recorded a profit of 3.76 percent. At present, the world's oldest, most expensive crypto asset is trading at $49,917 (roughly Rs. 41.4 akh), after crossing the $50,000 mark. This is the first time since November 2021 that Bitcoin has managed to jump to $50,000 (roughly Rs. 41.4 lakh). In the last 24 hours, proving all expert predictions right, Bitcoin price swelled by $1,816 (roughly Rs. 1.50 lakh). As per market experts, this surge is due to the robust performance of the US stock market, substantial inflows into spot Bitcoin ETFs, and upcoming halving event.

Ether joined Bitcoin in reeling in gains on Tuesday. The second-most valued crypto asset, at the time of writing, is trading at $2,642 (roughly Rs. 21.9 lakh) after seeing a 5.51 percent surge in its price in the last 24 hours.

“Bitcoin now faces its next resistance at $50,250 (roughly Rs. 41.7 lakh), leading towards the $51,200 mark (roughly Rs. 42.4 lakh). The prevailing positive investor sentiment manifests in an active bullish presence in the market. Concurrently, Ethereum maintains its position above $2,600 (roughly Rs. 2.15 lakh), with bulls targeting the $2,717 (roughly Rs. 2.25 lakh) threshold,” Edul Patel, CEO of Mudrex, told Gadgets360.

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Majority altcoins are rallying with profits on Tuesday. These include Ripple, Cardano, Avalanche, Dogecoin, and Polkadot.

Other profit-making cryptocurrencies include Binance Coin, Solana, Chainlink, and Polygon.

The overall crypto market cap rose by 3.78 percent in the last 24 hours. With this, the valuation of the crypto sector has risen to $1.87 trillion (roughly Rs. 1,55,23,702 crore), as per CoinMarketCap.

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“With market picking up pace, the world's second biggest crypto by market cap, Ethereum (+6 percent), and its top layer-2 solutions, OP (+8.3 percent) and ARB (+7.5 percent), have also started to show strength to move towards another local high if the momentum in BTC is sustained with just two months to go in the most sought after event in the crypto ecosystem - the BTC halving,” the CoinSwitch Markets Desk told Gadgets360.

Tether, USD Coin, Bitcoin Cash, Leo, and NEM, meanwhile, registered losses on Tuesday.

“Traders should pay attention to the US CPI announcement today, as it has the potential to impact market volatility. Being cautious in response to such events is advisable,” the CoinDCX team told Gadgets360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

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