Bitcoin on Wednesday roped in a profit of three percent to trade at the price point of $29,761 (roughly Rs. 24.5 lakh). The most expensive cryptocurrency has been trading lowly on the price chart for almost two weeks now. Today’s price surge recorded by BTC could be influenced by MicroStrategy’s decision to sell $750 million (roughly Rs. 6.180 crore) in stock, with the intention of using the proceeds to purchase more Bitcoin. With Bitcoin trading in gains, most cryptocurrencies recorded an upward price movement on Wednesday.
Ether registered a hike of 2.20 percent to trade at $1,865 (roughly Rs. 1.53 lakh). In the last 24 hours, the second largest cryptocurrency gained $40 (roughly Rs. 3,296) to trade at its present value.
“The crypto market has displayed resilience in the last 24 hours. While Bitcoin’s five-day volatility is lower than that of Gold, a violent breakout in either direction is expected,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.
Most cryptocurrencies rallied with profits today. These include stablecoins Tether, Ripple, USD Coin, and Binance USD as well as memecoins Dogecoin and Shiba Inu.
Other cryptocurrencies that recorded profits include Binance Coin, Cardano, Solana, Tron, Litecoin, Polygon, and Polkadot.
“Another major development to look out for today is Litecoin halving. LTC (+2.8 percent) mining rewards are reduced by half every four years, meaning 50 percent less supply coming into the market after the event happens. It is scheduled around 11 PM IST today and significant volatility can be expected,” Hudda noted.
The valuation of the overall crypto market spiked by 2.17 percent in the last 24 hours. At the time of writing, the crypto market cap stands at $1.19 trillion (roughly Rs. 98,13,906 crore), showed CoinMarketCap.
The crypto fear and greed index continues to stay in the neutral zone with a score of 53/100.
While most cryptocurrencies are trading in profits today, a handful of them found themselves stewing in losses.
These include Monero, Elrond, Bitcoin SV, Braintrust, and Circuits of Value.
“The US Dollar’s recent downgrade from AA+ to AAA by Fitch, citing concerns about government debt and fiscal deterioration, could be contributing to the increase in crypto prices. This situation is notably different from 2012 when companies reacted negatively to the downgrade of US debt. In contrast, companies are now reporting relatively positive earnings. Investors are now keenly awaiting the Litecoin hardening event,” Edul Patel, the CEO of Mudrex crypto investment firm, told Gadgets 360.
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