Bitcoin price drops around $90,500 while Ether continues to rise
Cryptocurrency price charts around the world looked green on Monday as prices of most digital assets continued to rise. Bitcoin posted a gain of about one percent on both national and international exchanges in the past day. According to CoinMarketCap, the asset was trading at $90,574 (approximately Rs. 76.4 lakh) on foreign exchanges at the time of writing. According to Indian exchanges such as CoinSwitch and CoinDCX, Bitcoin is trading at $91,119 (approximately Rs. 76.9 lakh). Over the past week, the price of Bitcoin has risen by 13 percent.
“The US is defining a new financial strategy through the proposed Bitcoin Act of 2024 and plans to create a strategic Bitcoin reserve of 1,000,000 Bitcoins within five years. The acquisition of up to 200,000 Bitcoins per year will ensure that BTC becomes part of the traditional Store of Value – more resilient, more resistant to inflation and untouched by tradition,” said Avinash Shekhar, co-founder and CEO of Pi42. Gadgets360.
Ether also rose in value alongside Bitcoin on Monday. The second most valued cryptocurrency after Bitcoin, ETH, is currently priced at $3,115 (approximately Rs. 2.62 lakh) on global exchanges. According to Indian exchanges, the value of ETH is $3,175 (approximately Rs. 2.68 lakh). The value of the asset has increased by one percent on both national and international stock exchanges.
“ETH spiked to $3,500 (approximately Rs. 2.95 lakh), but later returned to $3,100 (approximately Rs. 2.61 lakh), demonstrating the ever-volatile market. Notably, Ethereum ETFs had their best week, with inflows of $533.9 million (approximately Rs. 4,505 crore), despite minor outflows on Thursday and Friday,” Shekhar added.
As shown by the crypto price tracker on Gadgets360, Solana, Binance Coin, Ripple and Dogecoin have also increased in value, as have Cardano, Tron, Polkadot, Stellar and Monero.
“Ripple’s CEO has expressed hope that the recently elected president will implement regulatory changes that could foster a transformative era for the U.S. cryptocurrency market. Investors are optimistic about the market and expect significant growth opportunities in the coming weeks,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
The valuation of the crypto market has increased to 3.06 trillion (approximately Rs. 2,58,25,589 crore). According to CoinMarketCap, the cryptocurrency market capitalization has increased by 0.96 percent in the past 24 hours facts.
On the other hand, Tether, USD Coin, Avalanche and Bitcoin Cash saw their values fall, while the prices of Litecoin, Cronos and Polygon also fell over the past 24 hours.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this 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.
