On Monday, July 29, Bitcoin reflected a profit of 3.16 percent to trade at the price point of $69,535 (roughly Rs. 58 lakh) on international exchanges like CoinMarketCap. On national exchanges like CoinSwitch, meanwhile, Bitcoin recorded a profit of over three percent to trade at the price point of $72,680 (roughly Rs. 60 lakh). The overall crypto market is seeing recovery in prices after going through a period of correction in recent days.
“Bitcoin is currently riding a wave of positive momentum spurred by former President Trump’s announcement to establish Bitcoin as a US strategic asset at Bitcoin 2024 in Nashville. This development has not only boosted Bitcoin’s supply dynamics but also highlighted its potential role in the global financial landscape,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Ether joined Bitcoin on the profit-making side of the crypto chart. With a gain of nearly two percent, ETH is presently trading at $2,986 (roughly Rs. 2.5 lakh).
“Compared to other altcoins, Ethereum has been trading flat after experiencing net outflows from its spot ETF funds for three consecutive days (July 24-26) last week,” Vikram Subburaj, CEO, Giottus told Gadgets360.
Solana, Dogecoin, Avalanche, Polkadot, Chainlink, and Near Protocol also recorded profits alongside BTC and ETH.
Leo, Polygon, Cosmos, Cronos, Bitcoin SV, and ZCash also showed gains.
“The global cryptocurrency market is reflecting this enthusiasm, boasting a market cap of $2.47 trillion (roughly Rs. 2,06,81,927 crore). This surge in interest highlights the growing confidence among investors and the broader crypto community,” Shivam Thakral, CEO of BuyUcoin told Gadgets360. As per CoinMarketCap, the crypto market cap rose by 3.23 percent in the last 24 hours. The dominance of BTC and ETH on the market, as of now, stands at 55.5 percent and 16.3 percent respectively.
Cryptocurrencies that logged losses on Monday, meanwhile, include Tether, Ripple, Cardano, Tron, Shiba Inu, Bitcoin Cash, and Litecoin.
Stellar, Cartesi, and Braintrust also registered minor losses.
In other news, US Senator Cynthia Lummis introduced a proposal for the US government to purchase one million Bitcoin as a strategy to help reduce the national debt. Lummis contends that Bitcoin’s long-term potential as an appreciating asset could provide a substantial financial advantage to the country over time. Meanwhile, Michael Saylor, co-founder of MicroStrategy has also predicted good growth for BTC over the coming years – an observation that has contributed to the present ongoing bull run for BTC.
“Saylor forecasts that Bitcoin will account for seven percent of global wealth, with the potential to reach a value of $13 million (roughly Rs. 108 crore) per coin within the next 21 years. He attributes this anticipated growth to Bitcoin’s inherent scarcity and its increasing adoption as a preferred store of value,” 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.