Bitcoin is slowly starting to regain value after a price correction period. On Friday, the world's most used cryptocurrency rose 0.22 percent, taking its value to $42,854 (approximately Rs. 35.7 lakh). The most expensive cryptocurrency, Bitcoin, is suffering losses after maintaining a winning streak for several days. It fell from the recent price of $44,000 (approximately Rs. 36.6 lakh) in what experts have called a price correction period. Now BTC is showing slight and gradual price increases. In the last 24 hours, the value of Bitcoin has increased by $174 (approximately Rs. 14,500).
Ether followed Bitcoin with a price increase of 1.68 percent. The value of ETH currently stands at $2,286 (approximately Rs. 1.90 lakh). “After the US Fed announced that it may implement several interest rate cuts in 2024, there is a wave of positive sentiment on the financial markets. We can expect an impressive start to 2024 from Bitcoin and other crypto assets, as events such as the approval of Bitcoin ETFs are planned in early 2024. The market is expected to maintain the momentum due to the macroeconomic factors,” Shivam Thakral, CEO of BuyUcoin told us. Gadgets360.
Most cryptocurrencies, which were on the losing side of the crypto price chart at the beginning of this week, are now seeing their value rise again. These include Binance Coin, Ripple, Solana, USD Coin, Dogecoin, Tron and Chainlink.
Shiba Inu, Bitcoin Cash and Stellar have also increased in value. “Alt coins showed mixed trading. Notably, the Ordinals token ($ORDI) rose more than 25 percent in a day, reflecting the growing craze around bitcoin ordinal numbers,” the CoinDCX Research Team points out.
The total market capitalization for cryptocurrencies increased by 0.84 percent in the past 24 hours. The industry valuation currently stands at $1.62 trillion (approximately Rs. 13496471 crore) according to CoinMaketCap.
Meanwhile, some cryptocurrencies saw their values fall on Friday. These include Cardano, Avalanche, Polkadot and Polygon.
Litecoin, Cosmos, Uniswap, Monero, Cronos and Near Protocol also posted losses on Friday.
“The crypto market has performed sideways with an upward trend over the past 24 hours. The Financial Accounting Standards Board (FASB) has come up with a new accounting standard for companies with crypto assets. FASB will introduce the new 'Fair Value Accounting' for Effective Budgets for BTC on December 15, 2024. This development is likely to facilitate the adoption of BTC as a reserve asset by businesses and stimulate demand,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
ccryptocurrency 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.
