The cryptocurrency market is witnessing significant gains with Bitcoin continuing to rise, scaling new highs. During the weekend, Bitcoin (BTC) zoomed past an all-time high of more than $106,000 (₹89.9 lakh). On Monday, the price of the leading cryptocurrency saw a correction and was trading at $104,527 (around ₹88.6 lakh) on global exchanges, up 2.15 percent in the last 24 hours, according to CoinMarketCap. In India, exchanges like CoinSwitch and CoinDCX recorded a 2.57 percent increase in the price of BTC, taking it to $104,344 (approximately ₹88.5 lakh).
“Bitcoin seems to have formed support above a $2 trillion (around ₹1,69,66,500 crore) market cap, which makes it the seventh-largest asset in the world, only behind Amazon and Google by less than 15 percent,” noted the CoinSwitch market desk in a statement to Gadgets 360. “Plus, pro-Bitcoin company MicroStrategy is poised to join the Nasdaq 100 in its 100th annual reshuffling, putting it among the world’s largest ETFs, which collectively manage over $300 billion (approximately ₹25,44,975 crore) in assets.”
As U.S. President-elect Donald Trump discusses the potential for Bitcoin to become a reserve asset, several cryptocurrencies are rallying. Ether (ETH) has risen by 1.80 percent in the last 24 hours, currently trading at $3,966 (around ₹3.36 lakh) on international exchanges, while Indian exchanges report the price at $3,935 (approximately ₹3.33 lakh). According to the Gadgets 360 crypto price tracker, other gainers include Solana, Dogecoin, USD Coin, and Cardano. Tron, Avalanche, Polkadot, Bitcoin Cash, and Litecoin are up too.
“Optimism for further upside momentum remains high as markets expect a 25-basis point cut by the Fed that could spur more activity. In the derivatives market, Open Interest in Bitcoin futures and options has reached record high, which is a massively bullish sentiment. The price consolidations may be seen for very short-term, while a new bull run is probable to be seen that could be driven by lesser selling volumes compared to buying volume,” Avinash Shekhar, Co-founder and CEO, Pi42 told Gadgets 360 in an interaction.
