Bitcoin on Wednesday, November 29 reflected profits after two days of reeling under small losses. The price point of BTC, at the time of writing, stands at $37,935 (roughly Rs. 31.6 lakh) after recording a profit of 2.06 percent. In the last 24 hours, the value of Bitcoin rose significantly by $901 (roughly Rs. 75,068). Market analysts expect that the most expensive cryptocurrency could soon spike in value to the mark of $57,000 (roughly Rs. 47 lakh).
Ether found itself on the profit-making side of the crypto price chart. At present, ETH is trading at the price point of $2,048 (roughly Rs. 1.7 lakh).
“As Bitcoin is reaching one of the lowest volatility levels in the last few years, holders are reluctant to sell, and buyers seem out of supply. One of the world’s largest banks, Standard Chartered has maintained its target of Bitcoin hitting the $100,000 mark (roughly Rs. 83.3 lakh) by 2024 end, with many spot ETF approvals for BTC and ETH happening during the beginning months of next year,” the CoinSwitch Markets Desk told Gadgets360.
Most cryptocurrencies are trading in the greens today, trailing behind Bitcoin and Ether.
Binance Coin, Ripple, Solana, and Cardano — recorded gains on Wednesday. It is noteworthy, that all of these cryptocurrencies were trading in losses 24 hours ago.
Other altcoins trading in the greens include Dogecoin, Shiba Inu, Tron, Chainlink, Polygon, Avalanche, Polkadot, and Litecoin.
The overall market valuation of the crypto sector stands at $1.43 trillion (roughly Rs. 1,19,13,544 crore) after seeing a small spike of 1.42 percent over the last day, as per CoinMarketCap.
“Investors closely monitor central bank dynamics for potential impacts on digital asset valuations. Bitcoin’s ongoing momentum draws attention to its performance and broader implications within the cryptocurrency ecosystem,” Rajagopal Menon, Vice President, WazirX told Gadgets360, commenting on the market status.
Meanwhile, stablecoins recorded small losses today. These include Tether, Binance USD, and USD Coin.
Uniswap, Leo, Circuits of Value, and Augur also failed to see any gains today.
“The market participants have digested the recent change in leadership at Binance and are back to feeling bullish about their investments. Bitcoin’s price is now up by an impressive 128 percent since the beginning of the year. In other news, The US SEC has requested written comments from the public on the proposed Franklin Templeton and Hashdex spot Bitcoin ETF applications,” Edul Patel, Co-Founder and CEO, Mudrex told Gadgets360.
In the previous week, institutional investors contributed a total of $346 million (roughly Rs. 2,882 crore) to crypto products, marking the highest weekly inflow since November 2021. Notably, a significant portion of this inflow, $311 million (roughly Rs. 2,590 crore), was allocated to Bitcoin.
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