The cryptocurrency rallied over the weekend after Friday’s sharp price drop as investors continued to chew on the latest inflation data and ongoing macroeconomic uncertainty. The value of bitcoin has seen an increase of 1.25 percent in the last 24 hours, its price is now below $21,500 (approximately Rs 17.17 lakh) on global exchanges, while Indian exchange Coinswitch Kuber BTC is valued at $21,465 (approximately Rs 17.14). . lakh), an increase of 1.21 percent in the last 24 hours. The price of bitcoin on global exchanges like CoinMarketCap, Coinbase and Binance is $21,489 (about Rs.17.16 lakh).
Meanwhile, CoinGecko information Shows that the value of BTC is currently down 11.7 percent compared to last Monday. Ether shared a similar plight, losing considerable value through Friday and Saturday before turning the scales green again. At the time of publication, Ether is valued at $1,603 (approximately Rs 1.28 lakh) on Coinswitch Kuber. In contrast, global exchanges see the value of the crypto at $1,607 (approximately Rs 1.28 lakh), where the value of the cryptocurrency has risen 1.56 percent in the last 24 hours.
Ether’s performance in the week so far sees the cryptocurrency’s value in the red 17 percent Compared to its value last Monday, according to CoinGecko data.
Gadgets 360’s cryptocurrency price tracker shows that most major altcoins performed positively through Sunday, with all the better-known altcoins posting gains. The global crypto market capitalization also saw an increase of 1.35 percent on Sunday and early Monday.
Polygon, Polkadot, Uniswap, Cosmos, Solana, Monero, Cardano, Cosmos, Avalanche, and BNB all saw price increases over the past 24 hours.
Memecoins Shiba Inu and Dogecoin also followed the altcoin mix with dips to show for the day, although DOGE’s gains have dwindled to turn red. Dogecoin is currently valued at $0.06 (approximately Rs.5.47), after a drop of some 0.36 percent in value over the past 24 hours, while the Shiba Inu is valued at $0.0000013 (approximately Rs.0.001065), up 2.76 percent from the previous day. is more.
“The global crypto market experienced a roller coaster ride last week. Bitcoin tried to break the $25,000 (around Rs 19.96 lakh) level for the first time in two months but could not manage to sustain the gains. The drivers of the recent rise could be the global energy crisis that pushed up prices in Europe, the US and other countries, the upcoming Federal Reserve meeting, and the most anticipated Ethereum merger,” explains Edul Patel, CEO and co-founder of the crypto investment firm. Mudrex is talking to Gadgets 360.
The second largest cryptocurrency, Ethereum, could not sustain above the US$2,000 level (approximately Rs 1.59 lakh) for long and started a downside correction. BTC and ETH are down 13 percent and 18 percent in the past seven days. Despite the downside, both the cryptocurrencies held above their important support levels at $20,000 (approximately Rs 15.97 lakh) and $1,500 (approximately Rs 1.19 lakh). If the bulls can push BTC above the current levels today, we could see a rally towards $22,000 (approximately Rs 17.57 lakh) soon. However, ETH is trading above the $1,600 level, indicating that buyers are not ready to give up. Therefore, we may see a correction in the $1,650 – 1,700 (approx. Rs. 1.31 – 1.35 lakh) zone in the coming few days,” Patel said.
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.