Along with the majority of cryptocurrencies that saw their values decline in the previous day, Bitcoin and Ether witnessed gains on Friday. Bitcoin's price is currently around $21,060 after rising by 1.12 percent (roughly Rs. 17 lakh). The most popular cryptocurrency in the world has also been able to hold its price at the same level on international exchanges like Coinbase and Binance. BTC's value increased by $312 (around Rs. 25,360), which helped the cryptocurrency rebound quickly after experiencing a small decline on Thursday.
Following a slight decline on Thursday, Ether's value increased not far behind that of Bitcoin. According to Gadgets 360's cryptocurrency price tracker, ETH reached a high of $1,552 (or nearly Rs. 1.26 lakh) with a profit of 1.47 percent.
All of the cryptocurrencies that experienced losses yesterday—Binance Coin, Cardano, Polygon, Polkadot, and Litecoin—opened with increases on Friday.
Meme coins DOGE and SHIB also saw their values rise alongside the previously mentioned digital assets.
“Most cryptocurrencies rebounded as the US consumer sentiment appears to be strong. If the daily bar closes above the current value, the breakout may soon lead to a growth. However, if BTC falls below the current level, it would confirm sellers' power,” Edul Patel, CEO and Co-Founder of Mudrex told Gadgets 360.
Despite the overall recovery for most cryptocurrencies, stablecoins Tether, USD Coin, and Binance USD stepped into the trading arena with small losses.
Solana, Decentraland, Aave, Braintrust, Cartesi, and Augur also recorded losses on Friday.
In the last 24 hours, the valuation of the global crypto market grew by 0.87 percent. As per CoinMarketCap, the crypto market cap stands at $977.40 billion (roughly Rs. 79,43,652 crore).
Certain segments of the cryptocurrency market have performed better than others due to certain trends, with AI-based crypto projects seeing the biggest gains after ChatGPT's widespread adoption in terms of unique users led to Microsoft's investment of billions of dollars in the platform. This has paved the way for a more rapid breakthrough for the widespread adoption of artificial intelligence-related products. The research team at CoinDCX, a cryptocurrency exchange, told Gadgets 360 that AI-based projects listed on the exchange like Fetch.AI, Numeraire, and PHB have seen significant price gains over the past few months as a result of these developments.
The growth and adoption opportunities for the crypto sector is also on the rise. Polygon has partnered with Ernst & Young (EY) to bring privacy focused applications for enterprises building on Ethereum. This is anticipated to strengthen its position as the main scaling option for the coin even further.
"The total value of the global cryptocurrency market has remained close to $1 trillion. Due to encouraging news about the macroeconomic climate in the US, taking into account a decline in the most recent inflation rate data there, it gradually cooled down following a ferocious run across both the equity and cryptocurrency markets, the CoinDCX team stated.
Digital currencies like cryptocurrency are unregulated, not recognised as legal cash, and vulnerable to market hazards. The material in the article isn't meant to be, and it doesn't constitute, any kind of advise or recommendation from NDTV, whether it's financial, trading, or otherwise. Any loss resulting from an investment made based on a perceived recommendation, prognosis, or other information in the article is not the responsibility of NDTV.
All of the cryptocurrencies that experienced losses yesterday—Binance Coin, Cardano, Polygon, Polkadot, and Litecoin—opened with increases on Friday.
Meme coins DOGE and SHIB also saw their values rise alongside the previously mentioned digital assets.
“Most cryptocurrencies rebounded as the US consumer sentiment appears to be strong. If the daily bar closes above the current value, the breakout may soon lead to a growth. However, if BTC falls below the current level, it would confirm sellers' power,” Edul Patel, CEO and Co-Founder of Mudrex told Gadgets 360.
Despite the overall recovery for most cryptocurrencies, stablecoins Tether, USD Coin, and Binance USD stepped into the trading arena with small losses.
Solana, Decentraland, Aave, Braintrust, Cartesi, and Augur also recorded losses on Friday.
In the last 24 hours, the valuation of the global crypto market grew by 0.87 percent. As per CoinMarketCap, the crypto market cap stands at $977.40 billion (roughly Rs. 79,43,652 crore).
Certain segments of the cryptocurrency market have performed better than others due to certain trends, with AI-based crypto projects seeing the biggest gains after ChatGPT's widespread adoption in terms of unique users led to Microsoft's investment of billions of dollars in the platform. This has paved the way for a more rapid breakthrough for the widespread adoption of artificial intelligence-related products. The research team at CoinDCX, a cryptocurrency exchange, told Gadgets 360 that AI-based projects listed on the exchange like Fetch.AI, Numeraire, and PHB have seen significant price gains over the past few months as a result of these developments.
The growth and adoption opportunities for the crypto sector is also on the rise. Polygon has partnered with Ernst & Young (EY) to bring privacy focused applications for enterprises building on Ethereum. This is anticipated to strengthen its position as the main scaling option for the coin even further.
"The total value of the global cryptocurrency market has remained close to $1 trillion. Due to encouraging news about the macroeconomic climate in the US, taking into account a decline in the most recent inflation rate data there, it gradually cooled down following a ferocious run across both the equity and cryptocurrency markets, the CoinDCX team stated.
Digital currencies like cryptocurrency are unregulated, not recognised as legal cash, and vulnerable to market hazards. The material in the article isn't meant to be, and it doesn't constitute, any kind of advise or recommendation from NDTV, whether it's financial, trading, or otherwise. Any loss resulting from an investment made based on a perceived recommendation, prognosis, or other information in the article is not the responsibility of NDTV.
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