Bitcoin on Wednesday saw a profit of 2.33 percent, which took its trading value to $63,815 (roughly Rs. 53.3 lakh), as per the crypto price tracker by Gadgets360.
The current crypto market cap stands at $2.33 trillion
Photo Credit: Unsplash/ Jonathan Borba
The crypto market seems to be experiencing a period of relative stability, with fewer fluctuations. Bitcoin on Wednesday saw a profit of 2.33 percent, which took its trading value to $63,815 (roughly Rs. 53.3 lakh), as per the crypto price tracker by Gadgets360. In the last 48 hours, Bitcoin's India value has risen by $918 (roughly Rs. 76,800). Meanwhile, the crypto asset is trading at a slightly higher price point on international exchanges. On Binance, for instance, Bitcoin's current price stands at $65,037 (roughly Rs. 54.4 lakh).
“Bitcoin price is now trading below $65,000 (roughly Rs. 54.3 lakh) after a bearish daily close,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360. “After its fourth halving, which is scheduled in the next two days, we can expect a retest of the $73,000 (roughly Rs. 61 lakh) resistance,” he added.
Ether on Wednesday reflected a profit of 2.49 percent. In India, the trading value of ETH is presently hovering over the mark of $3,108 (roughly Rs. 2.60 lakh). On Binance, ETH is trading at $3,516 (roughly Rs. 2.9 lakh).
“The price of Ether is on the rise, signalling a potential shift in focus back to the Ethereum ecosystem. Several factors contribute to this positive momentum, including a surge in whale activity, growing institutional interest in Bitcoin, and a general improvement in the broader crypto market,” the ZebPay Trade Desk told Gadgets360.
Most cryptocurrencies joined BTC and ETH on the profit-making side of the crypto chart on Wednesday. These include Solana, Cardano, Ripple, Shiba Inu, Avalanche, Tron, and Polkadot.
Chainlink, Polygon, Litecoin, Near Protocol, and Uniswap also managed to bring in minor gains.
As per CoinMarketCap, the crypto market valuation rose by 2.34 percent in the last 24 hours to hit the valuation of $2.33 trillion (roughly Rs. 1,95,05,292 crore).
Losses, meanwhile, struck Tether, Binance Coin, Dogecoin, Bitcoin Cash, and Leo on Wednesday.
“With Bitcoin already reaching new highs, a correction around the halving is anticipated. Despite this, the market sentiment remains optimistic, with growing demand for spot ETFs suggesting a sustained bull market post-halving,” Edul Patel, CEO of Mudrex, told Gadgets360.
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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