The price of Bitcoin, the largest cryptocurrency in terms of market value, increased by 0.60 percent on Wednesday. For the last few days, Bitcoin has maintained a level of more than $34,000. Its price was at $34,397. Its value has increased by approximately $127 in the last one day.
The price of Ether, the second highest priced cryptocurrency after Bitcoin, was up 0.57 percent at $1,809. Apart from this, other bullish cryptocurrencies included Solana, USD Coin, Stellar and Near Protocol. Almost two years ago, Bitcoin hit a high of around $68,000 and Ether hit a high of around $4,815. Since then there was a huge fall in the prices of both these cryptocurrencies. In the last one day, the market capitalization of crypto increased by 0.13 percent to about $ 1.27 trillion.
CoinDCX’s research team told Gadgets360, “Bitcoin has gained 29 percent in the last month. The main reason for this is the possibility of Bitcoin Spot ETF getting approved. The number of posts related to Bitcoin on social media has increased rapidly and this is a There is a sign of a positive trend. The interest of investors and traders in Bitcoin is increasing. Along with this, Ether is also gaining strength.” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said, “The markets may be impacted by the Federal Reserve meeting. Changes in interest rates may also change the direction of the crypto market. Investors are excited about the Bitcoin Spot ETF in the US. “We may get a response from the SEC on the applications soon.”
Recently, Prime Minister Narendra Modi had emphasized on making rules for the crypto segment. He said that there is a need to maintain pace with the development of technology. Earlier, the Finance Ministry and the Reserve Bank of India (RBI) had also favored making rules for crypto. RBI believes that there is no value attached to cryptocurrencies and hence this segment should be banned. Regulators in some countries are making rules for crypto. This can curb the cases of scams in this market and also increase the confidence of investors.
Cryptocurrency prices in Indian exchanges
