Bitcoin and Ether are posting big wins as the crypto market bounces back from the Black Friday slump

0
51

Bitcoin battled the news-led slump in the new COVID-19 variant on Friday to mark a very strong start to the week. Bitcoin is currently valued at $ 58,903 (roughly Rs. 44.18 lakh) on India’s CoinSwitch Kuber, up 1.47 percent after a stable trading day on Monday when BTC was up 9.44 percent from its opening valuation . Global exchanges like CoinMarketCap value the world’s most popular cryptocurrency higher at $ 57,456 (roughly 43.09 lakh). Most of the other popular cryptocurrencies appear to have stabilized in the past 24 hours. The base appears to be set for bitcoin bulls to break above the $ 60,000 (roughly rupee 44.99) mark after two volatile weeks.

Ether has also improved its rating, rising 10.89 percent through Monday and seeing a 5.31 percent increase in the past 24 hours. While the second most popular cryptocurrency is currently on CoinSwitch Kuber at USD 4,603.6 (approx. Last 24 hours. Gadgets 360’s cryptocurrency price tracker shows that the Ethereum-based coin seems to be on the way to climbing new highs again after global markets have pushed all risk assets down, with the value of ether rising 9.2 percent over the past week to mark a strong month-end.

“The cryptocurrency market has shown a rapid sprint in the past 24 hours. BTC neared the $ 59,000 mark (roughly 44.22 lakh) before a slight pullback. Most altcoins also leveled off slightly lower after the initial rally. The next 24 hours would likely be a divisional meeting for the cryptocurrency spectrum, “says Edul Patel, CEO and co-founder of the AI-driven crypto investment platform Mudrex.

But it’s not just Bitcoin and Ether alone that are making profits. Cardano, Tether, Chainlink, Ripple, Polkadot, Polygon, and Litecoin are all up at least 2 percent in the past 24 hours, with Polygon being the biggest winner at 12.6 percent growth.

Dogecoin and Shiba Inu meme coins also made big profits. Dogecoin is currently trading at $ 0.22 (roughly 16.82 rupees), up 10.07 percent, while Shiba Inu is doing even better at $ 0.000046 (roughly rupees 0.003446), up by 17.56 percent in the past 24 hours.

The week got off to a positive start as Monday saw its total crypto market capitalization jump 9.1 percent, according to CoinGecko. A necessary boost after a brutal sell-off on Friday caused investors to flee a number of riskier assets, including cryptocurrencies, with Bitcoin having its worst day in about two months. The anesthesia came after the announcement of a new coronavirus variant called “Omicron”, which was identified in southern Africa and which the experts are now trying to understand.

Speaking of the new coronavirus variant: An Ethereum-based cryptocurrency called “Omicron” has risen by 945 percent in value after the World Health Organization (WHO) named the new COVID-19 variant “Omicron”. The token was created in early November and doesn’t appear to have risen for any reason other than the newly named coronavirus strain. Currently, the Omicron crypto token, represented by the acronym OMIC, is currently trading at $ 213.10 (approximately 15,964 rupees), according to CoinMarketCap.

Meanwhile, in the world of crypto assets, AMC Theaters and Sony Pictures have decided to give non-fungible tokens (NFTs) to those who buy or reserve tickets in advance for the opening day of Spider-Man: No Way Home. Up to 86,000 NFTs are made available to AMC Stubs Premiere, A-List and Investor Connect members. This is the first time a theater chain has partnered with a well-known studio to offer NFTs.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended as financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any losses that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

LEAVE A REPLY

Please enter your comment!
Please enter your name here