BTC Inches Closer to $25,000 with Small Gains, ETH and Other Altcoins See Profits

BTC grew by 1.03 percent to trade at the price point of $24,445 (roughly Rs. 20 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 23 February 2023 11:19 IST

BTC Inches Closer to $25,000 with Small Gains, ETH and Other Altcoins See Profits

Photo Credit: Pixabay/ Petre Barlea

The global crypto market, at the time of writing, stood at $1.57 trillion

Highlights

Litecoin, Tron saw gains
Avalanche, Chainlink saw losses
Cosmos, LEO recorded dips

Bitcoin on Thursday, February 23, reflected small gains on national as well as international crypto exchanges. The oldest cryptocurrency grew by 1.03 percent to trade at the price point of $24,445 (roughly Rs. 20 lakh). BTC has been hovering around the mark of $25,000 (roughly Rs. 20.6 lakh) for a while now, but has not been able to breach the resistance point so far. In the last 24 hours, BTC values spiked by $385 (roughly Rs. 31,872).

Ether managed to bag small gains similar to Bitcoin as reflected by Gadgets 360's crypto price tracker. On Thursday, ETH grew by 1.47 percent to trade at $1,669 (roughly Rs. 1.38 lakh).

From Binance Coin, Cardano, Polygon, and Solana to Polkadot, Litecoin, Tron, and Uniswap — all minted minor profits.

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Even Dogecoin and Shiba Inu recorded profits of 1.58 percent and 4.23 percent respectively. While DOGE is trading at $0.086 (roughly Rs. 7), SHIB is priced $0.000013 (roughly Rs. 0.001111).

The overall crypto market cap rose by 1.57 percent in the last 24 hours. As per CoinMarketCap, the valuation of the global crypto market, at the time of writing, stood at $1.57 trillion (roughly Rs. 92,09,829 crore).

“The news of the US defaulting if the debt ceiling is not raised, has sparked the inflow of funds in Bitcoin which is driving the current rally in the world's largest digital asset. We can expect a spike in the BTC-USD pair in the coming weeks. Clarity on US regulations around digital assets with calculated execution of the policies is the key to the holistic development of the crypto industry,” Tarusha Mittal, COO and Cofounder of Dapps and UniFarm told Gadgets 360.

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In its latest meeting, the US Federal Open Market Committee (FOMC) has indicated that more interest rate hikes could be on the cards in the US, aimed at curbing inflation.

In the backdrop of this development, stablecoins pegged against the US dollar including Tether, USD Coin, and Binance USD — all recorded price dips.

These were also joined by other altcoins like Avalanche, Chainlink, Cosmos, LEO, and Monero among others.

Industry insiders have predicted that in the coming days, the crypto market is bound to see more volatility.

“A sudden spike in the BTC prices may encourage investors to go for profit booking and liquidate their positions. The profit booking may result in some pullback in the price of BTC. Asian factors such as Hong Kong regulations and the opening up of the Chinese economy are also creating a significant impact on the crypto market. This shows that Asia has a crucial role to play in the success of blockchain and crypto,” Mittal noted.

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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, Solana, Polkadot, Avalanche, Litecoin, Dogecoin, Shiba Inu, Binance Coin, Polygon, Tron, Leo, Monero, Cosmos

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