By: Shayak Majumder | Updated at : 18 Jan 2023 09:37 AM (IST)
Bitcoin price stood at $21,300.77 on Wednesday morning. ( Image Source : Getty )
The global crypto market cap appears to breach $1 trillion once again soon. It did breach the said barrier over the last weekend, rising above the mark for the first time since November 2022. For now, it appears that the overall market is seeing an upswing. Bitcoin (BTC) and Ethereum (ETH) manage to remain stable within the $21,000 and $1,500 marks, respectively. Other popular altcoins — including the likes of Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), and Ripple (XRP) — managed to land in the green across the board. Memecoin Shiba Inu (SHIB) emerged to be the biggest gainer, with a 24-hour jump of over 22 percent.
The global crypto market cap stood at $999.09 billion at the time of writing, registering a 24-hour dip of 1.41 percent.
Bitcoin price stood at $21,300.77, registering a 24-hour gain of 0.89 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 17.93 lakhs.
ETH price stood at $1,584.52, marking a 24-hour jump of 1.38 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.34 lakhs.
DOGE registered a 24-hour gain of 4.25 percent, as per CoinMarketCap data, currently priced at $0.08698. As per WazirX, Dogecoin price in India stood at Rs 7.42.
Litecoin saw a 24-hour jump of 2.76 percent. At the time of writing, it was trading at $87.83. LTC price in India stood at Rs 7,333.
XRP price stood at $0.3885, seeing a 24-hour gain of 1.66 percent. As per WazirX, Ripple price stood at Rs 32.55.
Solana price stood at $23.08, marking a 24-hour gain of 0.38 percent. As per WazirX, SOL price in India stood at Rs 1,950.48.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Shiba Inu (SHIB)
Price: $0.00001286
24-hour gain: 22.78 percent
Casper (CSPR)
Price: $0.03962
24-hour gain: 16.59 percent
EthereumPoW (ETHW)
Price: $4.10
24-hour gain: 8.77 percent
Gala (GALA)
Price: $0.05041
24-hour gain: 7.77 percent
Kava (KAVA)
Price: $0.9562
24-hour gain: 6.96 percent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Frax Share (FXS)
Price: $8.92
24-hour loss: 1.88 percent
Decentraland (MANA)
Price: $0.7006
24-hour loss: 1.71 percent
Aptos (APT)
Price: $7.83
24-hour loss: 1.35 percent
Huobi Token (HT)
Price: $5.02
24-hour loss: 1.18 percent
Celo (CELO)
Price: $0.6913
24-hour loss: 0.69 percent
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin, Ethereum, and most cryptocurrencies rose on Tuesday as markets reacted to better-than-expected China GDP figures. BTC rose to a high above the $21,000 level after falling to a low at the $20,715 level the previous day. If the BTC can keep up the gained initiative, we might see it touch its long-term resistance level at $21,400 soon. BTC’s immediate support now lies at $20,000. The largest crypto by market cap has gained nearly 21 percent in the past seven days. The surge effect of BTC’s bullish price action is carrying over to other cryptocurrencies too.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Bitcoin blockchain activity has increased alongside a rise in the cryptocurrency’s value. The current trading value of BTC/USD is around $21,100, which represents a 28 percent increase this month. Analysts attribute this to macroeconomic factors such as easing inflation and a slowing US economy. However, it’s unclear if the blockchain activity indicates a continuation of the current bull market. Experts will closely watch how Bitcoin responds to key levels to determine if the bear market of 2022 is over.”
Kunji founder Anurag Dixit offered his take, “Binance has announced plans to provide better and more secure custody solutions to help institutional investors while Thailand’s security body suggested a strong crypto custody framework. This development points towards extensive demand and development on the institutional side of crypto. The Purchase price index (PPI) data is expected to be -0.1 MoM. A print less than or equal to that can cause the market to rally or see a small dip if the numbers come higher.”
Shivam Thakral, the CEO of BuyUCoin, said, “The crypto market is setting big goals for itself with a market cap hovering close to the $1 trillion mark. It is highly satisfying to see Bitcoin testing the $22,000 level and it is expected to touch $23,000 before it faces any resistance. Solana is showing unexpected growth with a 44 percent jump in just 7 days which is broadly seen as a price correction after Solana got caught in the FTX fiasco.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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