The crypto market seems to be on a road to recovery, after having reeled under market pressure and consecutive interest rate hikes from the US. Bitcoin on Thursday, June 22, minted a profit of five percent to trade at the price point of $30,248 (roughly Rs. 24.7 lakh). This is the first time in weeks that the most expensive cryptocurrency has managed to break out of the range of $30,000 (roughly Rs. 24.5 lakh). Over the last 24 hours, the value of Bitcoin rose by $1,578 (roughly Rs. 1.2 lakh).
Ether, tagging behind Bitcoin, has also managed to break out of its long-prevailing loss spell. With a gain of 5.75 percent, the price of ETH climbed up to $1,915 (roughly Rs. 1.5 lakh). This marks one of ETH’s highest recorded values in weeks.
“BTC dominance reached 50 percent for the first time in two years and signifies major influx of capital from alternative coins to Bitcoin. ETH is also benefitting now that EDX Markets, a crypto-platform supported by Schwab and Fidelity, has commenced trading for popular crypto such including ETH, BTC, and Litecoin among others,” the CoinDCX research team told Gadgets 360.
Most cryptocurrencies spiked upwards taking advantage of the favourable market condition.
The crypto market valuation went up by 4.65 percent to sit on the mark of $1.18 trillion (roughly Rs. 97,06,442 crore) in the last 24 hours, as per CoinMarketCap.
Taking a leap for the second day in a row, the crypto fear and greed index is up by six points and currently at 65/100.
“Crypto markets have surged for the third consecutive day. This market performance could be largely attributed to the entry of major financial institutions entering into crypto after BlackRock’s BTC ETF development last week. Similarly, the Deutsche Bank has applied for regulatory permission to serve as a crypto custodian in Germany. All of this combined has started a wave of optimism within the markets,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.
“Amidst uncertainty that plagued the industry for the past few weeks, the market has expressed strong ‘Buy’ sentiment. Shiba Inu, Matic, and other key tokens have also increased in price following BTC’s spike,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.
Developments in the crypto sector are also making way in India.
Supply chain standards organisation GS1 India has opened a software development lab in Chennai with the aim to develop blockchain-based solutions. GS1 India is set up by the Ministry of Commerce, Govt of India, and is affiliated to GS1 Global based out of Brussels, Belgium along with 115 other member organisations.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.