Bitcoin, ether among most cryptocurrencies, will open with profits on the last day of 2021, with few seeing drops

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On the last day of 2021, the crypto charts looked healthy and bathed in green. Bitcoin kept its trade value at $ 51,007 (approximately Rs 37.9 lakh) with a gain of 0.73 percent, according to Indian exchange CoinSwitch Kuber. On international exchanges such as CoinMarketCap and Binance, the world’s oldest cryptocurrency is traded at around USD 47,209 (around 35 lakh) per token. The past few days have been tough for Bitcoin, which has fallen from its all-time high of $ 69,000 (roughly Rs. 51 lakh) last month and has since struggled to sustain even gradual growth.

Ether followed Bitcoin, posting a 1.61 percent gain. According to Gadgets 360’s crypto price tracker, each Ether token is currently trading at $ 4,060 (roughly Rs 3,01,877).

Cardano, Ripple, Polkadot, Dogecoin, Shiba Inu, and Polygon are among other popular cryptocurrencies that have made gains along with Bitcoin and Ether.

A small pile of coins such as Tether, USD Coin and Bitcoin Cash failed to inflate and suffered losses on the last day of 2021.

Industry experts have predicted that altcoins will grow in the near future as Bitcoin strengthens its dominance with small but continuous profits.

“The largest cryptocurrency by market capitalization, Bitcoin, stayed above the USD 47,000 mark (approx. 35 lakh) and ether hovered above USD 3,700 (approx. 2.75 lakh). Most of the top altcoins remained tied to the range after the clues from the two largest cryptocurrencies. Bitcoin’s dominance signals that the altcoins could likely have a better session in the coming days, ”Edul Patel, CEO and co-founder of crypto investment firm Mudrex, told Gadgets 360.

The year 2021 has turned out to be a milestone for the crypto space.

El Salvador introduced Bitcoin as legal tender in September and validated the crypto space in significant ways.

The very first Bitcoin Futures Exchange Traded Fund (ETF) was launched on the New York Stock Exchange (NYSE) in October, which drove Bitcoin price to a new all-time high.

That year, crypto-related companies also managed to raise more than $ 30 billion (about Rs 2.27.617 billion) from venture capital funds, quadrupling from 2018.

Cryptocurrency-assisted and cryptocurrency-based industries have seen a major global explosion that “makes space too big to ignore,” a Bank of America (BofA) report said earlier this year.

Crypto mergers and acquisitions have also increased from $ 940 million (approximately Rs.7,025 billion) in 2020 to $ 4.2 billion (Rs.31,390 billion) in 2021, the BoFA report shows.

In the US, cryptocurrencies such as Shiba Inu and Dogecoin have also established themselves as payment options for everyday purchases such as movie tickets and gift cards.

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 is not responsible for losses that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

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