Bitcoin, Ether hold their ground while altcoins stay resilient even as macro developments unfold
Bitcoin value fell on Thursday as the consequences of Federal Reserve rate hikes eased with bulls successfully defending the support at $20,000 (around Rs 16.55) in as the bears strengthen the resistance at $20,550 (about Rs 17 lakh). As things settle down, the value of Bitcoin has increased by 0.98 percent in the last 24 hours with its price currently sitting at around $20,400 (approximately Rs 16.88 lakh) on global exchanges while the Indian exchanges like CoinDCX value BTC at $21,295 (approximately Rs 17.62 lakh), 0.44% below what the crypto asset was valued on Thursday morning.
On global exchanges like CoinMarketCap, Coinbase and Binance, Bitcoin price stands at $20,564 (about Rs 17.01 lakh) while CoinGecko data shows that the value of BTC is now 1.5% higher than it was last Friday.
Ether, the largest smart contract token, hasn’t had a bad week from last week but has managed to stay in range over the past week. Ether is currently up around 1.49% over the past 24 hours on global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,631 (approximately Rs 1.35 lakh), where the smallest drop in value is more than 1.61% over the past day.
Gadgets 360’s Cryptocurrency price tracker revealed that most major altcoins have had a mixed trading day over the past 24 hours despite Bitcoin and Ether trying to hold steady. That said, the global crypto market cap numbers show a steady gain of 1.54 percent through Thursday and Friday.
Cardano, Polygon, BNB, Cosmos, Chain linkand Polkadot noting an increase in their value, while Solana, Uniswap, TRON, avalancheand Monero pick up holes during the day.
In the coin meme section, Dogecoin fell further after showing strong earlier in the week. Dogecoin is now worth $0.12 (about Rs 9.97) after falling more than 9.2 percent in value in the last 24 hours, while, Shiba Inu was valued at $0.000013 (about Rs 0.001037), up 2.45 percent in the past day.
“Several key announcements shaped market activity in the last week. The Federal Reserve’s 75bps rate hike was initially supportive of market expectations, but this outlook has clearly changed after. as Chairman Powell’s press conference begins He mentions the need to recalibrate for a higher Final Rate, sending the ‘Over Risk’ asset into a downward spiral, with the S&P 500 falling 2.5%. Surprisingly the crypto market is still recovering and, in fact, ended the week in the green,” explained Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch, in a segment. Tracks are shared with Gadgets 360.
“Total crypto market cap holds well above $1 trillion (approximately Rs 82,74,808), with BTC and ETH trading higher at over $20,000 (around Rs 16.55), and $1,500 (approximately Rs 1.24 lakh) ETH has outperformed BTC in absolute returns, but the downtrend has also been exaggerated against BTC,” Chaturvedi said.
“Another major announcement from last week is Elon Musk’s acquisition of Twitter and his rapidly unfolding restructuring plans, which could have a major role to play for crypto assets. DOGE, The meme coin, considered an ardent supporter of Musk, has begun to pump into Twitter speculation in the integrated future and ended the week almost doubling in price.DOGE market cap has surpassed 17.5 billion dollars (approximately Rs 1,44,809 crore) and has usurped Cardano’s ADA in the rankings.Over the weekend, star developer Andre Cronje’s return to Fantom, sent FTM Tokens skyrocketing 25 parts hundred in a day.”
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