Bitcoin price continues to rise, most altcoins recover after brief dip
Bitcoin price in India and global markets continues to rise, driving up the value of the world’s most valuable and widely used digital asset. As a result, Bitcoin, which was trading at $59,304 (roughly Rs. 49.5 lakh) on July 7, has surged to $65,965 (roughly Rs. 55 lakh) on international exchanges after a period of 10 days. Bitcoin’s value has increased by more than three percent in the past 24 hours. The asset is trading at $68,433 (roughly Rs. 57 lakh) on Indian exchanges like WazirX, according to the latest prices on Gadgets360’s crypto price tracker on Wednesday.
“Even the news that Mt Gox moved 91,755 BTC worth $5.8 billion could not profoundly affect the current relief rally that BTC is showing. Meanwhile, spot bitcoin ETFs have attracted over $16 billion in inflows since their launch in January, with $300 million coming early this week alone. The ETFs have seen consistent inflows even as bitcoin prices have fluctuated, indicating strong investor demand for regulated bitcoin exposure,” the CoinSwitch Markets Desk told Gadgets360, detailing the reasons for BTC’s price surge this week.
Ether followed Bitcoin and surged in value on Wednesday. ETH price is currently $3,510 (roughly Rs. 2.9 lakh) on international exchanges like CoinMarketCap, after a rise of 2.56 percent. On Indian exchanges, ETH is currently trading at $3,147 (roughly Rs. 2.6 lakh).
Tether, Binance Coin, Solana, Ripple, Dogecoin and Avalanche also saw their value increase, as did BTC and ETH.
“Altcoins like XRP (up 37 percent) and Near Protocol (up 36.8 percent) are leading the way, fueling overall crypto optimism. Historically, July outperforms June for Bitcoin, and this year looks set to follow suit despite recent challenges,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
The total market capitalization of cryptocurrencies increased by 1.73 percent over the past 24 hours, reaching a value of $2.41 trillion, according to MintMarketCap.
However, some cryptocurrencies saw their prices drop over the past 24 hours, including Cardano, Tron, Shiba Inu, Polkadot, and Chainlink. “Volatility has increased significantly and is expected to remain high this week,” CoinDCX markets desk told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information contained in the 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.
