Bitcoin, Ether See Small Gains on Crypto Price Charts; Majority Altcoins Follow

The crypto price chart reflected a mix of greens and reds as it opened for trading on Wednesday, March 23. Bitcoin, bagging a miniscule gain of 0.17 percent, brought its trading values to $43,363 (roughly Rs. 33 lakh) as per Indian exchange CoinSwitch Kuber. The oldest cryptocurrency, however, did not see these small hikes on global exchanges. BTC trading values stood at around $42,262 (roughly Rs. 32 lakh) after incurring losses as small as 0.08 percent on Coinbase and Binance. This is the first time this year that Bitcoin has inched so close to the mark of $45,000 (roughly Rs. 34 lakh).

Ether mimicked Bitcoin's trajectory and opened with small gains in India. ETH is currently trading at $3,048 (roughly Rs. 23,000) with a minor gain of 0.81 percent, as per Gadget 360's crypto price tracker. ETH encountered losses of up to 2.42 percent on foreign exchanges such as Binance and CoinMarketCap, keeping its trade volume on edge at $2,948 (roughly Rs. 2.25 lakh).

While no altcoin performed exceedingly good or bad, most cryptocurrencies took baby steps up the price ladder.

Gainers today include Tether, USD Coin, Cardano, Solana, Polkadot, Polygon, and Litecoin among others.

In a rare affair, meme coins Dogecoin and Shiba Inu performed different from each other on the price charts. While DOGE reeled-in a value hike, SHIB continued to lay low on the crypto pyramid.

Talking to Gadgets 360, the research team at Indian exchange CoinDCX noted that despite being slow, maturity is coming to crypto assets, now that so many nations are collectively working towards regulating the crypto space that will eventually wipe off a large chunk of the high-risk factor associated with the industry.

Australia is the newest nation to have joined the club of crypto supporters.

“It comes as no surprise that Australia's largest bank, Commonwealth Bank, already sees crypto as part of the mainstream. These favourable institutional and government receptivity across the world is yet another added boost and assurance of the formidability of the crypto sector,” the CoinDCX team said.

In Malaysia, the communications ministry has pitched in favour of recognising Bitcoin as a legal tender. The pitch was reportedly backed with the intention of assisting youth participation in the digital assets segment.

Last year, El Salvador legalised Bitcoin and drove its adoption via government-backed Chivo ATMs and Chivo Wallets.

Recent developments in El Salvador however indicate, that the central American nation might just need to restructure its BTC-fuelled economy for better results.

The country has postponed an unprecedented issue of a bitcoin-backed bond planned for last week, as the government there awaits stability on the crypto price charts that are affected due to the ongoing war between Russia and Ukraine, Reuters reported.

Regardless, Bitcoin has been reaping more gains than losses in recent days.

Speaking of losses, Binance Coin, Ripple, Terra, Avalanche, and Chainlink witnessed dips in their opening prices today.

The overall market cap of the crypto sector has, however, rocketed to touch $1.89 trillion (roughly Rs. 1,44,39,684 crore). On March 21, the same figure was $1.84 trillion (roughly Rs. 1,40,62,231 crore) as per CoinMarketCap.

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.