Bitcoin and Ether, opened with profits on Friday, along with most cryptocurrencies that saw their values fall in the last 24 hours. With a 1.12 percent increase in value, Bitcoin's price is currently hovering around $21,060 (roughly Rs. 17 lakh). The world's most widely used cryptocurrency has also managed to maintain a similar price point on international exchanges such as Coinbase and Binance. The value of BTC rose by $312 (roughly Rs. 25,360) helping the crypto asset bounce back with a quick recovery after seeing a slight drop in value on Thursday.
Ether was not far behind Bitcoin Bitcoin in terms of seeing its value rise, after taking a small dive on Thursday. ETH price touched the mark of $1,552 (roughly Rs. 1.26 lakh) with a profit of 1. 47 percent on the crypto price tracker by Gadgets 360.
Meanwhile, Binance Coin, Cardano, Polygon, Polkadot, and Litecoin — all of which saw losses yesterday, opened with gains on Friday.
Tron, Avalanche, Uniswap as well as Cosmos, Leo, Chainlink, and Monero also recorded profits.
Meme coins DOGE and SHIB also saw their values rise alongside the previously mentioned digital assets.
“Most cryptocurrencies rebounded as the US consumer sentiment appears to be strong. If the daily bar closes above the current value, the breakout may soon lead to a growth. However, if BTC falls below the current level, it would confirm sellers' power,” Edul Patel, CEO and Co-Founder of Mudrex told Gadgets 360.
Despite the overall recovery for most cryptocurrencies, stablecoins Tether, USD Coin, and Binance USD stepped into the trading arena with small losses.
Solana, Decentraland, Aave, Braintrust, Cartesi, and Augur also recorded losses on Friday.
In the last 24 hours, the valuation of the global crypto market grew by 0.87 percent. As per CoinMarketCap, the crypto market cap stands at $977.40 billion (roughly Rs. 79,43,652 crore).
“Certain sectors in the crypto space have outperformed due to certain trends, of which AI based crypto projects have had the most significant rallies after the wide-spread adoption of ChatGPT in terms of unique users leading to Microsoft investing billions of dollars into ChatGPT, setting the stage for a more rapid breakthrough for mass adoption of artificial intelligence related products. AI based projects listed on CoinDCX such as Fetch. AI, Numeraire and PHB have had significant price gains over the past few months in the wake of these developments,” the research team at CoinDCX crypto exchange told Gadgets 360.
The growth and adoption opportunities for the crypto sector is also on the rise. Polygon has partnered with Ernst & Young (EY) to bring privacy focused applications for enterprises building on Ethereum. This is expected to further bolster its status as the primary scaling solution for the cryptocurrency.
“The global crypto market cap continues to hover around the trillion-dollar mark. It slightly cooled down after a heated rally across equities and crypto markets alike owing to positive updates on the macroeconomic environment in the US considering a reduction in the latest inflation rate numbers there,” the CoinDCX team added.
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.
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