Bitcoin Price Surpasses $61,000, Majority See Profit
Bitcoin saw a 3.15 percent price increase on international exchanges on Wednesday, August 14. With this, BTC’s value on international exchanges has reached a price point of $61,060 (roughly Rs. 51 lakh). On Indian exchanges such as CoinSwitch, BTC is trading at around $64,576 (roughly Rs. 54 lakh). According to market commentators, this price increase for BTC is fueled by favorable political developments and rising institutional interest. Against the backdrop of BTC’s rally, most cryptocurrencies registered gains on Wednesday.
“Bitcoin’s dominance has risen to 56.29 percent, which is up 0.35 percent from yesterday, demonstrating continued strength in the market,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360. “The approval of Bitcoin exchange-traded funds (ETFs) and a notable increase in stablecoin volumes are driving this trend. Continued institutional adoption and regulatory clarity are likely to bolster investor confidence and drive further growth.”
Ether has seen a small loss of two percent in the last 24 hours, taking the price of ETH to $2,452 (roughly Rs. 2.05 lakh). Analysts are calling this small price drop negligible in the broader picture of ETH’s price trajectory.
“The crypto market saw a rally after the US PPI data came in lower than expected, which is positive for the market. The focus is now shifting to the US CPI data, which is being released today. Notably, during the last CPI data release, the market experienced a significant rally,” the CoinDCX market team told Gadgets360.
Binance Coin, Ripple, Dogecoin, Cardano, Tron, Avalanche and Shiba Inu all posted gains.
Chainlink, Leo, Near Protocol, Polygon and Stellar also posted gains.
“Buyers are actively buying at support levels and taking advantage of the dip,” Mudrex CEO Edul Patel told Gadgets360.
In the past 24 hours, the total crypto market capitalization has increased by 2.50 percent, taking the sector valuation to $2.14 trillion (approximately Rs. 1,79,55,349 crore), according to MintMarketCap.
Losing cryptocurrencies include Tether, Solana, Polkadot, Litecoin, Cosmos and Uniswap.
“Crypto’s Fear and Greed Index remains anchored in the fear zone at 30, while Bitcoin’s RSI is in the neutral zone. Bitcoin dominance is consolidating above 57%, indicating that altcoins may lag in the near term,” Vikram Subburaj, CEO of Giottus crypto platform told Gadgets360.
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