ETH Crosses $2,000 First Time in Eight Months, BTC Rally Leads Most Altcoins Towards Gains

The value of Bitcoin reached $30,646 (roughly Rs. 24.9 lakh) on Friday.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 14 April 2023 11:30 IST

ETH Crosses $2,000 First Time in Eight Months, BTC Rally Leads Most Altcoins Towards Gains

Photo Credit: Reuters

The valuation of the crypto sector stands at $1.29 trillion as of April 14

Highlights

Monero saw losses
Dogecoin, Shiba Inu minted profits
Ripple, Tether see losses

The crypto price chart brimmed with profits next to majority cryptocurrencies on Friday, April 14. Bitcoin, continuing its price rally, garnered daily profits of 1.04 percent. The value of Bitcoin reached $30,646 (roughly Rs. 24.9 lakh) on Friday. In the last 24 hours, BTC grew substantially by $587 (roughly Rs. 47,870). The support for BTC is located at the point of $30,400 (roughly Rs. 24.7 lakh), while resistance lies at the $30,800 (roughly Rs. 25 lakh) level, experts have predicted.

Following the completion of its Shanghai upgrade, Ether outshone Bitcoin in-terms of bagging profits. On Friday, ETH value spiked by 9.90 percent to reach its eight-month high of $2,107 (roughly Rs. 1.71 lakh). ETH price rose by $199 (roughly Rs. 16,230) in the last 24 hours, as per Gadgets 360's crypto price tracker.

ETH has increased by 135 percent since its lowest cycle in June 2022.

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“As expected, liquid staking protocols are in the green, with a market capitalisation of $14.3 billion (roughly Rs. 1,16,657 crore), up 10.5 percent in the last 24 hours. ETH is trading in the $2.1k zone despite some fearing a massive dump after the Shapella upgrade. The crypto fear and greed index have jumped 7 points to regain the scoring for 68, hinting towards increasing investor confidence,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

The hike in the prices for BTC and ETH paved the way for majority altcoins reeling-in gains.

These include Binance Coin, Cardano, Polygon, Solana, Polkadot, and Litecoin.

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Avalanche, Tron, Chainlink, Uniswap, and Cosmos also saw profits.

“The crypto market continues to react to the US inflation data. In contrast, Ethereum outdid BTC by surging over 10 percent and is now trading at the $2,000 (roughly Rs. 1.6 lakh) level after the successful Shanghai upgrade. Overall, the market sentiment appears optimistic at the moment,” Edul Patel, CEO, Mudrex told Gadgets 360.

The overall crypto market valuation grew by 4.37 percent to touch $1.29 trillion (roughly Rs. 1,04,86,788 crore) in the last 24 hours, as per CoinMarketCap.

For the third consecutive day, stablecoins Tether, USD Coin, and Binance USD settled with losses on the price charts.

Wrapped Bitcoin, Monero, and Braintrust also recorded losses.

“With an anticipated credit crisis looming in the US, crypto is gaining back its status of hedge against inflation, making the case for decentralisation stronger,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

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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

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