Tech
Bitcoin Surpasses $52,000 for First Time Since 2021, Overall Crypto Chart Reflects Profits
Bitcoin it rose 4.86% on Thursday. The asset, for the first time in over two years, is trading at $52,044 (around Rs. 43.2 lakh). Capital inflows into Bitcoin ETFs and the approaching Bitcoin halving event are among the major factors that are contributing to this rally for the reigning crown of the cryptocurrency kingdom. Currently, the total value invested in the asset has already crossed the trillion-dollar mark. Ether, instead recorded a gain of 5.75%. At the time of writing, Ether was trading at $2,792 (around Rs. 2.31 lakh). Over the past two days, the value of Ether has increased by $150 (around Rs. 12,450).
“The cryptocurrency market continues to grow, with Bitcoin and Ethereum hitting their highest levels of the year. This growth is fueled by increased investment in Bitcoin spot ETFs and positive sentiment about the upcoming halving event. Ethereum aims to break the $2,900 (roughly Rs. 2.4 lakh) barrier on its way to $3,300 (roughly Rs. 2.7 lakh). Altcoins have also started to show strength: tokens like STX and IMX are up more than 25% in just a few days,” the CoinDCX market desk told Gadgets 360.
Solana, Ripple, UniswapAND Chain shirt has joined BTC and ETH on the profitable side of the cryptocurrency price chart.
Cardano, Avalanche, Dogemoneta, TronAND Polka dot also recorded profits.
Cryptocurrencies that saw their values drop on Thursday include Currency in USD, Bind, CosmosAND Monero.
The overall cryptocurrency market capitalization increased by 5.32% in the last 24 hours. The valuation of the sector, for now, stands at $1.95 trillion (around Rs. 1,61,88,578 crore), according to CoinMarketCap.
The cryptocurrency sector is gaining traction from both the global investment community and world leaders. Earlier this week, for example, Indian Prime Minister Narendra Modi called for global support to address emerging technologies such as artificial intelligence (AI) and cryptocurrency.
“One event that investors should pay close attention to is the recent court approval of Genesis to redeem its holdings in Grayscale Bitcoin Trust valued at $1.3 billion (approximately Rs. 10,790 crore) and the potential impacts on the cryptocurrency market” , Shivam Thakral, CEO of BuyUcoin, told Gadgets360. .
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