Bitcoin regains $20,000, but Ether climbs for the second day in a row.
Bitcoin, the world’s largest cryptocurrency by market capitalisation, managed to stay in the green for the second consecutive day, managing to climb back above the $20,000 (roughly Rs. 16 lakh) mark after a mid-week plunge saw BTC drop below $19,000 (roughly Rs. 15 lakh). The value of Bitcoin has witnessed a considerable rise of over 4 percent in the last 24 hours with its price now hovering around the $20,100 (roughly Rs. 16 lakh) mark across global exchanges while Indian exchanges like CoinSwitch and CoinDCX values BTC at $20,955 (roughly Rs. 16.70 lakh), 1.46 percent higher than yesterday.
On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $20,118 (roughly Rs. 16 lakh) while CoinGecko data shows that BTC’s value is currently 0.7 percent higher than where it stood last Friday.
As we inch closer to ‘Merge’, Ether has continued its upward trajectory. Ether is valued at $1,779 (roughly Rs. 1.40 lakh) across Indian exchanges while on global exchanges, the crypto’s value is at $1,691 (roughly Rs. 1.30 lakh), where the cryptocurrency’s value has moved up by 3.6 percent over the past 24 hours.
According to Gadgets 360’s cryptocurrency price tracker, most major cryptocurrencies had a nice day in the last 24 hours. The worldwide crypto market capitalization increased by 3.79 percent between late Thursday and early Friday.
Over the previous 24 hours, Polkadot, Uniswap, Cosmos, Solana, Monero, Cosmos, Avalanche, Cardano, Polygon, TRON, and BNB have all seen gains.
SINGAPORE, Sept 9 (Reuters) – Bitcoin broke through the $20,000 barrier and was on track for its best day in six weeks on Friday, as the US dollar fell broadly and markets looked for reasons to cheer at the end of a bleak week.
Bitcoin (Bitcoin Pumps $20000), the most valuable cryptocurrency by market capitalization, rose more than 7% to $20,796, a two-week high. Ether, the second-largest cryptocurrency, rose 5% to a two-week high of $1,717. Bitcoin had been as low as $18,540 on Wednesday.
Market participants said there was no specific catalyst for the gains, other than a general positive sentiment across asset classes on Friday, led by a decline in the safe-haven dollar and a rebound in Chinese equities.
If the cryptocurrencies can retain their gains until the end of the week on Sunday, Bitcoin may record its second weekly increase in a row, and its greatest week in roughly a month.
Ether’s weekend volatility may be exacerbated by a planned software upgrade known as the “merge,” which is expected between September 10 and 20, with precise timing unknown.
Other digital currency rose, including ether, which rose roughly 4%. The overall cryptocurrency market value has risen past $1 trillion once more.
The recent gain in bitcoin has been fueled by a modest weakening of the US dollar, which has enjoyed a remarkable rally this year. On Friday morning, the US dollar index, which measures the greenback against a basket of other currencies, was down roughly 1%.
Stock indices in the United States finished higher on Thursday, and futures were higher on Friday. Bitcoin has been highly connected with US markets, frequently soaring in tandem with stock indices. Bitcoin also tends to appreciate when the dollar falls in value.
Since June, Bitcoin Regains $20000 and has been trading in a range of roughly $18,000 to $24,000 and has unable to break out of that area.
According to Vijay Ayyar, vice president of corporate development and international at cryptocurrency exchange Luno, Friday’s surge may be a “bearish retest” of the $22,500 to $23,000 price range.
“Thus, unless it clearly breaks that level and closes above, I would still think this is a bearish rally with further range and downward,” Ayyar added.
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