Bitcoin opened Thursday with a miniscule gain of 0.21 percent as the crypto market, which has been low on the value scale for nearly a month now, begins to show signs of recovery. At the time of writing, Bitcoin costs $16,853 (approximately Rs. 13.9 lakh). This is the fourth day in a row that BTC has been unable to move past the $17,000 (approximately Rs. 14 lakh) price, though it briefly surged above that number ahead of the US Consumer Confidence Report on Wednesday. Also on international exchanges such as Binance and CoinMarketCap, the price of Bitcoin rose 0.21 percent to trade at the same price.
It is noteworthy that despite Bitcoin’s lackluster performance, retail adoption is on the rise. “BTC adoption reached an all-time high with a record 17 percent of the total circulating supply held by addresses with fewer than 10 BTCs in a wallet,” CoinDCX’s research team told Gadgets 360.
Ether followed Bitcoin to post small gains on Thursday. ETH is currently trading at $1,213 (approximately Rs. 1 lakh) after seeing a gain of 0.55 percent according to Gadgets 360 crypto price tracker.
Stablecoins such as Tether, USD Coin and Binance USD also recorded small price increases.
Solana, Uniswap, LEO, Wrapped Bitcoin, Chainlink and Monero opened trading with small but significant gains.
The total crypto market grew by 0.26 percent in the past 24 hours. From CoinMarketCapthe sector is valued at $810 billion (approximately Rs. 67,08,914 crore).
Meanwhile, multiple cryptocurrencies were hit with losses on Thursday. These include Binance Coin, Cardano, Polygon, Polkadot, and Litecoin.
“Despite the sluggish momentum, we are seeing increasing adoption by the larger players for the crypto ecosystem. Visa supports Ethereum’s automatic payment scheme from self-custodial wallets, allowing users to set up recurring bill payments; exchanged in a decentralized manner, Uniswap partnered with Moonpay, a fintech company that allows users to purchase cryptos through debit cards, credit cards, and wire transfers; Mercedes-Benz, one of the largest automakers, has recently filed five metaverse and NFT-related trademark applications,” the CoinDCX team added.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information in the article is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss resulting from an investment based on any observed recommendations, forecasts or other information contained in the article.
Affiliate links may be generated automatically – see our ethics statement for details.
