Bitcoin and most altcoins continue to trade in a strong correlation with growth stocks, such as tech stocks, and both Bitcoin and tech stocks have risen in recent days. As a result, Bitcoin ended its longest run below the $20,000 price point (approximately Rs. 16.48 lakh) since the crypto token first breached the threshold in late 2020. When everything was fine The value of Bitcoin has increased by more than 4% in the last 24 hours with its price currently around $20,150 (approximately Rs 16.61 lakh) on global exchanges while Indian exchanges like CoinDCX BTC values at $20,957 (about Rs 17.27), 3.2% higher than its value at the beginning of Tuesday.
On global exchanges like CoinMarketCap, Coinbase, and Binance, Bitcoin price stands at $20,175 (about Rs. 16.63 lakh) while CoinGecko data shows that the value of BTC is now 4.4% higher than it was last Wednesday.
Ether, the largest smart contract token, also saw a massive surge late Tuesday along with BTC. Intraday movements on the daily chart note that ETH touched $1,500 (approximately Rs 1.23 lakh) at one point. However, this increase has now placed Ethereum closer to being overbought. Ether is currently up around 9.46% in the last 24 hours on global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,533 (about Rs. 1.26 lakh), where the value has increased by 9.35% in the past day.
Gadgets 360’s Cryptocurrency price tracker revealed that most major altcoins have gained some value alongside Ether with the global crypto market cap also increasing by a whopping 5.01% through the end of Tuesday and early Wednesday.
Cardano, avalanche, Cosmos, Solana, Polygon, Uniswap, BNB, TRON, Chain link, Moneroand Polkadot all see themselves as signifying an increase in value.
Memecoins Shiba Inu and Dogecoin also saw nominal gains. Dogecoin is currently worth $0.06 (about Rs 5.4) after increasing 7.77 percent in value in the last 24 hours, while, Shiba Inu was valued at $0.000010 (approximately Rs.0.000859), up 3.95 percent over the past day.
Analysts at Crypto Intelligence Tracker Glassnode argues that Bitcoin volatility has hit an all-time low and that a BTC breakout is likely. Evaluating both bullish and bearish scenarios for the Bitcoin price, analysts have noted the confidence of BTC holders during the bear market.
The recent increase can be attributed to a number of important factors. First, investors hope that the Federal Reserve may not need to raise interest rates as aggressively as the market is pricing in. The higher interest rate environment rolled out in 2022 to combat soaring inflation has driven Bitcoin price down 58% so far.
The second factor that helped support the cryptocurrency over the past week has been some steady earnings results from several blue-chip companies reporting in the US. Earnings beat expectations have helped boost the stock market as well as crypto.
Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendations, forecasts or any other information contained in the article.
