Bitcoin, like most cryptocurrencies, posted gains on Thursday, November 21. Bitcoin managed to increase in value by 2.26 percent in the past 24 hours. With this, Bitcoin has managed to regain the price of $43,672 (approximately Rs. 35 lakh). In the past day, the value of Bitcoin has increased by $1,608 (approximately Rs. 1.33 lakh). According to market analysts, the next hurdle for BTC is at $44,500 (approximately Rs. 37 lakh) and surpassing this could push the price towards the resistance level of $48,000 (approximately Rs. 39.9 lakh).
Ether rose marginally in value by just 0.07 percent on Thursday. At the time of writing, the price of ETH is $2,203 (approximately Rs. 1.83 lakh).
“Historically, December proves to be a month of big price action and it remains to be seen whether BTC has already reached a local top or if the bull market has just started to heat up,” the CoinSwitch Markets Desk told Gadgets360.
Ripple, Solana, Cardano, Dogecoin, Polkadot, Polygon, Chainlink and Shiba Inu are among other cryptocurrencies trading in gains on Thursday.
“One of the hottest investments of the season, Solana also continues its rally, with SOL (+11.9 percent) touching the $80 mark (approximately Rs. 6,658) for the first time since May 2022, having only just is removed from the title of The fourth largest cryptocurrency, after BTC, ETH and USDT, beating BNB,” the CoinSwitch Markets Desk told Gadgets360.
Bitcoin Cash, Uniswap and Stellar also managed to post small gains.
The total crypto market capitalization rose 2.03 percent in the past 24 hours and remained at a valuation of $1.63 trillion (approximately Rs. 135,71,298 crore), CoinMarketCap showed.
Meanwhile, some altcoins that posted losses on Thursday include USD Coin, Litecoin, Cronos, Sushiswap and Braintrust.
“VCs are predicted to recommit to Web3 after a lackluster year focused on areas such as gaming. This could mean a boost for gaming tokens in the coming months. The SEC’s continued engagement with stakeholders such as BlackRock and Grayscale indicates that they are willing to anticipate that this development will materialize during the established approval period,” Rajagopal Menon, Vice President of WazirX told Gadgets360.
Market experts have also highlighted that crypto-related stocks are performing quite well as the market exudes a “strong buy” sentiment. While there is bullish sentiment based on Bitcoin's RSI, the Bollinger Band indicates the potential for price volatility.
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.
