Bitcoin, after registering a significant growth rate this month, has now touched a nine-month high in value since June last year. On Monday, the world’s most popular cryptocurrency kept its profit-streak alive with a small gain of 1.11 percent. Bitcoin, is currently trading at the price of $27,872 (roughly Rs. 22.9 lakh) on both national and international exchanges. Experts have predicted that Bitcoin presently faces immediate resistance at the price point of $28,150 (roughly Rs. 23.1 lakh) and breaching this mark could trigger a significant surge for BTC as well as the overall crypto market.
Ethereum recorded similar gains on Monday, following Bitcoin. At the time of writing, ETH was trading at $1,765 (roughly Rs. 1.45 lakh), an increase of 0.74 percent over its previous prce.
As per the crypto price tracker by Gadgets 360, Binance Coin, Polygon, Polkadot, Chainlink, and Leo followed BTC and ETH in registering profits.
“Institutional investors in the US have majorly contributed to the price increase of Bitcoin in the last few days. Amidst existing liquidity crunch in the market, the overall sentiment in the crypto industry continues to be bullish. Bitcoin price rally has piqued the interest of many investors as the token is expected to enter a consolidation phase,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.
The overall crypto market rose by one percent, over the last 24 hours, to $1.16 trillion (roughly Rs. 95,72,729 crore), as per CoinMarketCap data.
Meanwhile, some altcoins settled with losses in the backdrop of the month-end volatility brewing in the financial market. These include stablecoins USD Coin and Ripple as well as Cardano, Solana, Litecoin, Tron, and Avalanche.
Industry experts estimate that the crypto market will only swell in time. “Experts are also touting the success of crypto as a criteria for elections across the world where voters would choose crypto friendly leaders,” Menon added.
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