Bitcoin has slowly begun to regain value after a price correction period. On Friday, the world’s most widely used cryptocurrency rose by 0.22 percent, bringing its value to $42,854 (roughly Rs. 35.7 lakh). The most expensive cryptocurrency, Bitcoin has been reeling under losses after maintaining a gain streak for several days. It tumbled from its recent price of $44,000 (roughly Rs. 36.6 lakh) in what experts have called a price correction period. Now BTC is showing slight and gradual hikes in its prices. Over the past 24 hours, the value of Bitcoin rose by $174 (roughly Rs. 14,500).
Ether followed Bitcoin with a price hike of 1.68 percent. The value of ETH currently stands at $2,286 (roughly Rs. 1.90 lakh). “After the US Fed announced that it may go for several rate cuts in 2024, there is a wave of positive sentiment across financial markets. We can expect an impressive start of 2024 from Bitcoin and other crypto assets as events like Bitcoin ETF approval are lined up for early 2024. The market is expected to sustain the momentum owing to the macroeconomic factors,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
Most cryptocurrencies, that found themselves on the loss-making side of the crypto price chart at the start of this week, are now seeing their values rise again. These include Binance Coin, Ripple, Solana, USD Coin, Dogecoin, Tron, and , Chainlink.
Shiba Inu, Bitcoin Cash, and Stellar have also increased in value. “Alt coins exhibited mixed trading. Notably, Ordinals token ($ORDI) surged by more than 25 percent in a day, reflecting the growing craze around bitcoin ordinals,” the CoinDCX Research Team highlighted.
The overall crypto market cap rose by 0.84 percent in the last 24 hours. The sector valuation, as of now, stands at $1.62 trillion (roughly Rs. 13496471 crore) as per CoinMaketCap.
Meanwhile, some cryptocurrencies saw their values fall on Friday. These include Cardano, Avalanche, Polkadot, and Polygon.
Litecoin, Cosmos, Uniswap, Monero, Cronos, and Near Protocol also registered losses on Friday.
“The crypto market performed sideways with an upward bias in the last 24 hours. the Financial Accounting Standards Board (FASB) has come up with a new accounting standard for companies with crypto holdings. FASB will be adopting the new ‘Fair Value Accounting’ for BTC effective fiscals on Dec 15, 2024. This development is likely to facilitate the adoption of BTC as a reserve asset by corporations and fuelling the demand,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
