BTC, ETH, Most Cryptocurrencies Rally With Greens, Stablecoins See Losses

BTC, ETH, Majority Cryptocurrencies Rally With Greens, Stablecoins See Losses

The first week of September was a tough one for the crypto sector, which fell below its trillion-dollar valuation amid volatility in the market. The market is now on the path of recovery. On Thursday, September 8, Bitcoin opened trading with a profit of 2.56 percent. According to Gadgets 360’s crypto price tracker, BTC is trading at $19,226 (approximately Rs 15.30 lakh). On international exchanges too, BTC saw gains of over 2.70 per cent and maintained a price point of $19,253 (approximately Rs 15 lakh).

Ether made even more profits than bitcoin. According to the price tracker, the price of ETH has increased by 7.74 per cent. Currently, ETH is trading at $1,627 (approx Rs 1.30 lakh).

Binance Coin, Ripple, Cardano, Solana and Polkadot saw gains.

Even Dogecoin and Shiba Inu profited with Tron, Avalanche, Uniswap and Litecoin.

While the majority of altcoins rose in their respective values, stablecoins failed to join the profit-wagon.

Tether, USD Coin and Binance USD prices declined.

The global crypto market cap stands at $979.22 billion (approximately Rs 78,06,033 crore), a growth of 4.77 percent over the previous day. CoinMarketCap revealed.

Despite the volatility, the crypto sector has fallen short of roping-in in favor of wealthy venture capital firms.

In the first half of this year alone, the crypto sector successfully completed 725 deals and secured an investment of $14.2 billion (about Rs 1,13,500 crore), a new report by KPMG has claimed.

There are also growing trademark applications around cryptocurrencies, web3, metaverse, and NFTs.

In its latest report, the International Monetary Fund (IMF) has acknowledged that crypto adoption has gone mainstream, giving rise to the need for global standard regulation.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.

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