On Thursday, Bitcoin was able to make a small profit of 0.43 per cent, trading close to $44,000 (roughly Rs. 36.6 lakhs). Over the last 24 hours, the value of Bitcoin rose by about $252 (roughly Rs. 21,009). Market Analysts predict the bull run to take Bitcoin above $50,000 by the end of 2023 (roughly Rs. 41.6 lakh).
CoinDCX’s research team states: “From a technical standpoint, BTC is currently situated at the $44,000 (roughly Rs. 36.6 lakh) resistance level. The overall momentum remains positive, with no clear signals of a reversal or bearish trend. Minor pullbacks and corrections are considered healthy for the current scenario.”
Ether, on the other hand, was not able to make a profit on the sale of Thursday, incurring a loss of 1,38 percent. The current price is around $2,250 (roughly Rs. 1.87 lakh). CoinDCX Team adds: “Ether is in between two crucial levels at $2,130 (roughly Rs. 1.77 lakh) and $2,450 (roughly Rs. 2 lakh). Minor pullbacks and corrections are considered healthy for the current scenario.”
Among the profitable cryptocurrencies Binance Coin, Ripple, Cardano, Dogecoin, Tron, Polygon, Polkadot, Shiba Inu, Leo, Stellar, and Monero have managed to bag some small gains. Over the last 24 hour, the overall value of crypto rose by 0.56 per cent, with the crypto market cap being at $1.6 trillion (roughly Rs. 1,33,37,600 crore) as per CoinMarketCap.
Rajagopal Menon, Vice President of WazirX, comments: “The market is signalling a strong ‘Buy’ sentiment, driven by the remarkable rally of Bitcoin. Memecoins, including Shiba Inu and Dogecoin, are riding a fresh wave of momentum, experiencing significant price gains amid the broader market upswing. Bitcoin, commanding a market dominance of over 53 percent, is not only shaping the crypto landscape but also paving the way for notable developments across the ecosystem.”
Meanwhile, other cryptocurrencies such as Tether, Solana, Aavalanche, Chainlink, Litecoin, Bitcoin Cash, Cosmos, and Uniswap are trading at losses alongside Ether.
JP Morgan’s CEO Jamie Dimon has called for government shutdown on crypto during a Senate banking committee hearing. CoinSwitch Markets Desk from Gadgets360 states: “In a very counterintuitive move, however, cryptos, due to their inherent nature, possess attributes of censorship resistance. Even if someone holds unfavourable views, they may face practical challenges in impeding the operation of a genuinely decentralised cryptocurrency such as Bitcoin.”
It is important to note that cryptocurrency is not a legal tender, and it’s subject to market risk. The information provided in the article does not constitute or represent financial advice, trading advise or any other type of advice or recommendation. NDTV will not be liable for any loss resulting from investment based upon any perceived forecast or information provided in the article.
