Bitcoin on Tuesday, February 20 reflected a loss of 0.88 percent to trade at the price point of $51,577 (roughly Rs. 42.8 lakh). In the last seven days, the value of Bitcoin has fluctuated within the range of $51,000 (roughly Rs. 42.3 lakh) and $52,500 (roughly Rs. 43.5 lakh). The asset has managed to reach this price point after almost two years, owing to the ETF approvals in the US and the Bitcoin halving event that is slated for later this year.
“Bitcoin has surpassed the trillion-dollar market cap, securing its spot among the top ten companies by market cap globally, and significantly uplifting market sentiment. This positive atmosphere is drawing in small-scale retail investors, contributing to an optimistic market outlook,” the CoinSwitch Markets Desk told Gadgets360.
Ether saw a negligible profit of 0.78 percent on Tuesday. Currently, Ether is trading at $2,907 (roughly Rs. 2.4 lakh).
As of Tuesday, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, and Tron -- all recorded small gains.
Chainlink, Polkadot, Uniswap, Cosmos, Stellar, and Bitcoin SV are also trading in minor profits.
In the last 24 hours, the overall crypto market cap only managed to grow by 0.05 percent. The present valuation of the crypto sector stands at $1.97 trillion (roughly Rs. 1,63,49,286 crore) as per CoinMarketCap.
“This positive atmosphere is drawing in small-scale retail investors, contributing to an optimistic market outlook. Tokens like ADA and TRX have shown considerable gains, contributing to the overall crypto market cap's +1.92 percent increase,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Meanwhile, Solana, Avalanche, Polygon, Shiba Inu, Litecoin, and Leo witnessed losses on Tuesday.
“As the spot BTC ETF narrative plays out, investor focus seems to be gaining momentum towards spot ETFs for Ethereum. In other news, Japan's cabinet approved a bill allowing investment funds and venture capital firms to acquire cryptos as assets. This is likely to further institutional participation and adoption within the crypto market,” the Coinswitch markets desk told Gadgets360.
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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