Closer to Christmas, the crypto market appears to be moving towards a rapid recovery after days of constant declines. With a 0.80 percent gain, Bitcoin is trading at $ 51,484 (roughly Rs. 38.8 lakh) per token on the Indian exchange CoinSwitch Kuber. In recent days, Bitcoin lows have been hovering around the $ 50,000 mark (roughly Rs. 37.7 lakh) in India. On international exchanges like CoinMarketCap, the oldest cryptocurrency in the world is valued at $ 49,255 (roughly Rs. 37.2 lakh).
Most altcoins including Cardano, Wave, Dogecoin, Shiba Inu, Y Polygon among others, they also posted significant earnings before the festival.
Ether on the other hand, it ended up on the negative side of the market fluctuation. According to Gadgets 360's cryptocurrency price tracker, the second most valued cryptocurrency is trading at $ 4,230 (roughly Rs. 3 lakh) per token. Ether posted a minor loss of 0.47 percent to stay around $ 4,000 (roughly Rs. 3 lakh).
Just a bunch of cryptocurrencies, including Tie, Currency USD, Y Bitcoin SV it stood with Ether at the submerged end of the scale.
The shifts in market sentiment come against the backdrop of digital asset funds reaching a record $ 142 million (approximately Rs 1,073 million) in outflows. Due to fairly flat market momentum in recent days, investor confidence in the crypto market had waned.
"As a fledgling industry shaping the future of finance and innovation, the current quiet trading activity in cryptocurrencies is not an indication of the industry's failure, but rather a sign of the maturing sector," said Indian exchange CoinDCX. to Gadgets 360.
Globally, crypto-related companies collectively raised more than $ 30 billion (roughly Rs 2.27,617 crore) from venture capital firms in 2021, making it the highest grossing yet. In 2018, the same number was $ 8 billion (roughly Rs. 60,704 crore).
The crypto space also appears to be expanding in India now that the proposal to ban private cryptocurrencies has been detained to get to Parliament for now.
Indian exchanges like CoinSwitch Kuber and UnoCoin have added more crypto assets and features on their platforms to attract more investors.
Cryptocurrency is an unregulated digital currency, it is not legal tender and is subject to market risks. The information provided in the article is not intended to be or constitutes financial advice, business advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
