Bitcoin prices edged up 1.75% on Wednesday. With this, the price of the most expensive cryptocurrency has reached $29,706 (roughly Rs 2.46 lakh). In the past 24 hours, BTC has increased in value by $580 (roughly Rs. 48,031). Industry experts highlighted that bitcoin outflows from exchanges totaled $111 million (roughly Rs. 920 crore) in the past week. This is the largest weekly outflow of Bitcoin since March.
Ethereum was as profitable as Bitcoin on Wednesday. Ether, the second-largest cryptocurrency after bitcoin, gained 1.45%. As of writing, ETH is worth $1,853 (roughly Rs 1.53 lakh). In the past 24 hours, the value of ETH has increased by $26 (roughly Rs. 2,153).
In an interview with Gadgets 360, Shubham Hudda, senior manager of CoinSwitch Markets Desk, emphasized that, with the exception of USDT and USDC, the top 10 cryptocurrencies by market capitalization have all seen positive price movements over the past day. “BTC managed to break through the $30,000 (Rs. 2.48 lakh) resistance but failed to sustain the momentum. On the other hand, the popular memecoin PEPE (+7.4%) recently found new support and the coin traded significantly up,” Hudda said.
Tether, Binance Coin, Ripple, Dogecoin, Cardano, Solana and Polygon all posted modest profits on Wednesday.
Additionally, Litecoin, Polkadot, Shiba Inu, Avalanche, Chainlink, Stellar, and Leo also posted minor gains.
The valuation of the cryptocurrency market surged 1.64 percent to $1.18 trillion (roughly Rs. 97,72,618 crore) in the last 24 hours, according to coin market cap.
As a result, the Crypto Fear and Greed Index has also seen some adjustments. The index is down 4 points from yesterday and is now in the neutral zone with a score of 50/100.
Only a handful of cryptocurrencies are in the red today.
These include Wrapped Bitcoin, Bitcoin Cash, Cosmos, Braintrust, and Augur, among others.
“In other news, BlackRock’s long-awaited Bitcoin ETF could be six months away, more of a question of ‘when, not if’. The development will boost institutional money flows into the world The largest digital asset,” Hudda pointed out.
Cryptocurrency is an unregulated digital currency, not legal tender, and there are market risks. The information presented herein is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any losses arising from any investment based on any perceived advice, forecast or any other information contained in the article.
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