On Wednesday, Bitcoin was trading at $29,761 (approximately Rs 24.5 lakh) with a profit of 3%. The most expensive cryptocurrency has been trading lower on price charts for nearly two weeks. BTC’s price surge today may have been influenced by MicroStrategy’s decision to sell $750 million (approximately Rs. 6,180 crore) of its shares, with the aim of using the proceeds to buy more Bitcoin. Prices for most cryptocurrencies rose on Wednesday as Bitcoin traded higher.
Ethereum gained 2.20% and was trading at $1,865 (approximately Rs. 1.53 lakh). The second-largest cryptocurrency has gained $40 (roughly Rs. 3,296) from its current price in the past 24 hours.
“Cryptocurrency markets have shown resilience over the past 24 hours. While Bitcoin’s five-day volatility is lower than gold, a sharp breakout in either direction is expected,” Shubham Hudda, senior manager at CoinSwitch Markets Desk, told Gadgets 360.
Most cryptocurrencies are up on profits today. These include stablecoins Tether, Ripple, USD Coin and Binance USD as well as meme coins Dogecoin and Shiba Inu.
Other cryptocurrencies that recorded profits include Binance Coin, Cardano, Solana, Tron, Litecoin, Polygon, and Polkadot.
“Another big development to watch today is the Litecoin halving. LTC (+2.8%) mining rewards are cut in half every four years, meaning 50% less supply enters the market after the event. Expected today at 11 p.m. around (India Standard Time), large swings are expected,” Hudda noted.
The valuation of the entire crypto market has surged by 2.17% in the past 24 hours. As of writing this article, the cryptocurrency market capitalization is $1.19 trillion (approximately Rs. 98,13,906 crore) coin market cap.
The Crypto Fear and Greed Index continues to remain in neutral territory with a score of 53/100.
While most cryptocurrencies are profitable today, some of them are finding themselves in the red.
These include Monero, Elrond, Bitcoin SV, Braintrust and Circuits of Value.
“Fitch recently downgraded the U.S. dollar to AAA from AA+, citing concerns about government debt and fiscal deterioration, which could lead to higher cryptocurrency prices. The situation is markedly different from 2012, when companies reacted to U.S. debt downgrades Negative. In contrast, the earnings currently reported by the company are relatively upbeat. Investors are now eagerly awaiting Litecoin strengthening events,” Edul Patel, CEO of cryptocurrency investment firm Mudrex, told Gadgets 360.
Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risks. The information provided in this article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV is not responsible for any losses arising from any investment based on any perceived recommendations, predictions or any other information contained in the article.
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