The overall crypto chart looked lush green as most cryptocurrencies posted gains on Tuesday, December 19. Bitcoin, for example, has increased in value by 4.75 percent in the past 24 hours. At the time of writing, the value of Bitcoin was $42,072 (approximately Rs. 35 lakh). This means that the crypto asset has seen a price increase of $1,077 (approximately Rs. 89,524) in the past day. This price spike for Bitcoin is significant after the asset recently underwent a period of loss-ridden price corrections.
Ether's price rose 3.15 percent as the asset remained behind Bitcoin on the profitable side of the crypto market. Ether is currently trading at $2,235 (approximately Rs. 1.85 lakh). Over the past day, ETH rose in price by $65 (approximately Rs. 5,403).
“In a revival of the crypto market after a brief correction, both Bitcoin and Ethereum have witnessed gains of 4.84% and 2.92% respectively in the last 24 hours. The rally may be fueled by Galaxy Digital's commitment to revive collapsed crypto projects, including FTX,” Rajagopal Menon, vice president of WazirX, told Gadgets360.
Most cryptocurrencies posted notable gains on Tuesday. These include Binance Coin, Ripple, Solana and Cardano.
Other profitable cryptocurrencies include Avalanche, Dogecoin, Polkadot, Tron, Polygon, Chainlink, Shiba Inu, Litecoin, Bitcoin Cash, Uniswap and Stellar.
The total market capitalization for cryptocurrencies increased by 3.91 percent in the past 24 hours. According to CoinMarketCap, it is currently at the $1.61 trillion mark (approximately Rs. 133,95,111 crore).
According to market analysts, the looming bull run and heightened expectations surrounding the Bitcoin ETF have kept traders' sentiment positive, further driving up the prices of these digital assets.
“Crypto heavyweights continue to ride the ETF approval wave and growing optimism about the potential of digital assets. In the altcoin space, Solana is leading the rally with an increase of over seven percent in 24 hours as adoption of the Solana blockchain is gaining momentum,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
Only a small number of altcoins posted losses. These include Qtum, SushiSwap, Braintrust, Ardor and Underdog.
“A month after Binance and CZ pleaded guilty to violating US anti-money laundering guidelines, a federal judge has now approved the settlement between Commodity Futures Trading Commission (CFTC) and Binance. However, it remains to be seen whether Binance ex-CEO CZ will have to face jail time in addition to the fine,” the CoinSwitch market desk told Gadgets360.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this article is not intended to be 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.
