Bitcoin posted a gain of 4.22 percent on Thursday, December 14. The value of Bitcoin at the time of writing was $42,680 (approximately Rs. 35.5 lakh). After going through a period of price correction this week, Bitcoin has managed to see a recovery in its prices. In the last 24 hours, the value of Bitcoin has increased significantly by $1,813 (approximately Rs. 1.5 lakh). Despite experiencing losses in recent days, BTC has seen an eight percent increase in the month to date and an impressive 148 percent increase over the year.
“BTC recovered to $43,000 (approximately Rs. 35.8 lakh) and registered a rise of almost five percent over the recent decline to below $41,000 (approximately Rs. 34.1 lakh) after Monday's sudden crash. The crypto market saw a simultaneous rise, fueled by positive signals from the Federal Reserve hinting at upcoming rate cuts,” Rajagopal Menon, vice president of WazirX, told Gadgets360.
Ether managed to achieve a gain of 3.67 percent in the past 24 hours. The value of ETH at the time of writing stood at $2,248 (approximately Rs. 1.87 lakh), showing an increase of $82 (approximately Rs. 6,830) over the past day.
Most cryptocurrencies today trade for profit. These include Binance Coin, Ripple, Solana, Cardano, Avalanche, Dogecoin, Polkadot and Tron.
“Cardano (ADA, +17.3 percent) is on the rise as it is up more than 50 percent in the past seven days. According to blockchain research firm Santiment, the main reason for this rally is 'Supply Distribution', where small farmers sell while the whales buy. The current ADA rally shows that the market is also becoming increasingly bullish for altcoins and that the long-awaited 'altseason' may come sooner rather than later,” the CoinSwitch Markets Desk told Gadgets360.
Other cryptocurrencies trading in the green today include Polygon, Chainlink, Shiba Inu, Litecoin, Bitcoin Cash, Uniswap, and Stellar.
The total market valuation of the crypto sector has increased by 4.23 percent in the past 24 hours. The crypto market cap currently stands at $1.6 trillion (approximately Rs. 1,33,32,120 crore), according to CoinMarketCap.
“The monthly US CPI remaining unchanged is considered positive news, prompting a favorable reaction from BTC and ETH. This recovery could reflect the market's anticipation of the possible approval of a spot BTC exchange-traded fund (ETF) in January 2024, in line with notable cash inflows from institutional investors,” the CoinDCX research team told Gadgets360 .
Meanwhile, some cryptocurrencies posted losses today. These include Tether, USD Coin, Cosmos, Leo, Monero, Binance USD and Braintrust.
“The market is expected to maintain momentum in the coming weeks. The Fed kept rates unchanged and hinted that it may implement several rate cuts next year, which would give a boost to the trading community as it would boost liquidity in the market and boost economic activity across sectors,” Shivam Thakral told CEO of BuyUcoin, to Gadgets360. .
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this article is not intended 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 loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
