Bitcoin has been trading sideways for days, with the value of the popular cryptocurrency remaining under the $70,000 (roughly Rs. 58.4 lakh) mark. On Thursday, the value of the world's most widely used digital asset grew by 0.66 percent. On international exchanges like CoinMarketCap and Coinbase, Bitcoin is currently trading at $68,105 (roughly Rs. 56.8 lakh) and remains subject to fluctuation. On the other hand, Bitcoin is now worth around $72,005 (roughly Rs. 60 lakh) on Indian exchanges like WazirX and CoinDCX.
"In the last 24 hours, the crypto market experienced volatility following the release of US Consumer Price Index (CPI) data, which came in lower than expected. This initially led to a market pump, but prices soon retraced after the FOMC announcement that the Fed's fund rate would remain constant. For BTC, holding above the $67,000 level (roughly Rs. 55.9 lakh) is crucial to maintain the uptrend,” the CoinDCX markets desk told Gadgets360.
Ether price increased by 0.30 percent over the last 24 hours. As per CoinMarketCap, Ether is trading at $3,509 (roughly Rs. 2.93 lakh) on foreign exchanges, and $3,112 (roughly Rs. 2.6 lakh) on exchanges in India.
“Despite the imminent launch of Ether's spot exchange-traded funds (ETFs) in the US, the price has remained below $3,750 (roughly Rs. 3.13 lakh) for the past three days. Some attribute ETH's lack of bullish momentum to the uncertainty surrounding the timeline for the individual S-1 fund filing approvals by the regulator. As indicated by derivatives metrics, Ether investors' optimism has dropped to its lowest point in three weeks,” the ZebPay Trade Desk told Gadgets360. “ETH has a strong support at $3,450 (roughly Rs. 2.88 lakh) whereas $3,700 (roughly Rs. 3.09 lakh) will now act as a resistance for the asset.”
Some altcoins also joined BTC and ETH on the profit-making side of the crypto chart on Thursday. These include Binance Coin, Solana, USD Coin, Ripple, and Cardano.
Similarly, the prices of Avalanche, Shiba Inu, Polkadot, Chainlink, Near Protocol, Polygon, and Litecoin also rose on Thursday.
Only a handful of cryptocurrencies that recorded losses, such as Tether, Dogecoin, Tron, Leo, Braintrust, and Circuits of Value marked their names, as per the crypto price tracker by Gadgets360.
The overall crypto market cap rose by 1.40 percent over the last 24 hours. As per CoinMarketCap, the present valuation of the crypto sector currently stands at $2.47 trillion (roughly Rs. 2,06,31,292 crore). At present, Bitcoin's dominance over the crypto sector valuation is at 54.2 percent. Ether commands 17.2 percent market dominance leaving the rest to other altcoins.
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.
