Bitcoin reflected gains on Wednesday, November 29 after two days of small losses. The price of BTC at the time of writing stands at $37,935 (approximately Rs. 31.6 lakh) after gaining 2.06 percent. In the last 24 hours, the value of Bitcoin has increased significantly by $901 (approximately Rs. 75,068). Market analysts expect that the most expensive cryptocurrency could soon rise in value to $57,000 (approximately Rs. 47 lakh).
Ether was on the profitable side of the crypto price chart. Currently, ETH is trading at a price of $2,048 (approximately Rs. 1.7 lakh).
“As Bitcoin reaches one of the lowest volatility levels in recent years, holders are reluctant to sell and buyers appear to be running out of supply. Standard Chartered, one of the world’s largest banks, has maintained its target of Bitcoin reaching the $100,000 (roughly Rs. 83.3 lakh) mark by the end of 2024, with many spot shares in the early months of next year ETF approvals for BTC and ETH will occur. CoinSwitch Markets Desk told Gadgets360.
Most cryptocurrencies today trade in the green, trailing Bitcoin and Ether.
Binance Coin, Ripple, Solana and Cardano posted gains on Wednesday. It is noteworthy that all these cryptocurrencies were trading at losses 24 hours ago.
Other altcoins trading in the green include Dogecoin, Shiba Inu, Tron, Chainlink, Polygon, Avalanche, Polkadot and Litecoin.
The total market valuation of the crypto sector stands at $1.43 trillion (approximately Rs. 1,19,13,544 crore) after a minor spike of 1.42 percent in the past day, according to CoinMarketCap.
“Investors are closely watching central bank dynamics for potential implications for digital asset valuations. Bitcoin’s continued momentum draws attention to its performance and broader implications within the cryptocurrency ecosystem,” Rajagopal Menon, vice president of WazirX, told Gadgets360, commenting on the market status.
Meanwhile, stablecoins posted small losses today. These include Tether, Binance USD and USD Coin.
Uniswap, Leo, Circuits of Value and Augur also made no profit today.
“Market participants have absorbed the recent leadership change at Binance and are once again optimistic about their investments. The price of Bitcoin is now up a whopping 128 percent since the start of the year. In other news, the US SEC has requested written comments from the public on the proposed Franklin Templeton and Hashdex spot Bitcoin ETF applications,” Edul Patel, co-founder and CEO of Mudrex, told Gadgets360.
In the previous week, institutional investors contributed a total of $346 million (approximately Rs. 2,882 crore) to crypto products, marking the highest weekly inflows since November 2021. Notably, a significant portion of these inflows, $311 million (approximately Rs. 2,590 crore) ), was assigned to Bitcoin.
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.