Bitcoin on Wednesday, December 6 saw its price rise significantly over the last day. With a gain of 4.33 percent, Bitcoin is currently trading at the price point of $43,740 (roughly Rs. 36.4 lakh). This is now Bitcoin’s highest price point in the last 19 months. In the last 24 hours, Bitcoin has managed to register a price hike of $2,002 (roughly Rs. 1.66 lakh). Market analysts have predicted that Bitcoin is set to wrap up the year of 2023 on an ‘extremely high note’.
Ether also continued its journey up the price ladder today. With a profit of 1.65 percent, ETH currently trading at $2,268 (roughly Rs. 1.90 lakh). Ether managed to grow in value by $40 (roughly Rs. 3,334). Meanwhile, Ethereum has grown by 11 percent over the past week
“Wall Street giants like BlackRock, Fidelity, and Franklin Templeton are trying to list bitcoin ETFs in the US and this is driving the FOMO factor in the market. If the current momentum continues, Bitcoin is well positioned to touch the $100,000 (roughly Rs. 83.3 lakh) mark by the end of 2024, as predicted by banking giant, Standard Chartered,” Shivam Thakral, CEO of BuyUcoin told Gadgets360 while commenting on the market situation.
Tether, Ripple, Solana, Cardano, Tron, and Chainlink are all trading in profits.
Polygon, Litecoin, Polkadot, Shiba Inu, Bitcoin Cash, Cosmos, Stellar, and Near Protocol, are also trading in the greens today.
The overall crypto market cap stands at $1.6 trillion for the first time in almost two years. It rose by 2.98 percent in the last 24 hours, as per CoinMarketCap.
“This price movement could be a result of increased interest by institutional investors and the general bullish sentiment in the market regarding 2024. Interestingly, this coincides with BlackRock reporting to the SEC that they received the seed funding for its spot Bitcoin ETF in October 2023,” Edul Patel,Co-Founder & CEO, Mudrex told Gadgets360.
At this point, only a handful of cryptocurrencies are trading in the losses today. These include Binance Coin, Wrapped Bitcoin, Uniswap, and Elrond.
“The DeFi total value locked has also reached its 6-month high, according to DefiLlama. The total DeFi TVL across protocols has crossed $50 billion (roughly Rs. 4,16,728 crore) majorly as investors continue to deposit more money into smart contract protocols,” the CoinSwitch Markets Desk told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
