Bitcoin, Ether Climb Back Up After Days of Dips, Most Other Cryptocurrencies Follow

After days of losing values, Bitcoin saw a slight pump on Wednesday, January 5. The world’s oldest cryptocurrency gained 0.10 percent, bringing its trading value to $49,875 (roughly Rs. 37.1 lakh) on Indian exchange CoinSwitch Kuber. The final week of December 2021 was when Bitcoin values last touched the mark of $52,000 (roughly Rs. 38.7 lakh). Currently, on international exchanges such as CoinMarketCap and Binance, Bitcoin has grown by up to 0.53 percent, bringing its trading values to around $46,433 (roughly Rs. 34.6 lakh).

Ether added 1.45 percent to its value on Wednesday. As per the Gadgets 360 crypto price tracker, each Ether token is currently trading at $4,092 (roughly Rs. 3 lakh). Ether values had also last breached the mark of $4,200 (roughly Rs. 31.2 lakh) around Christmas 2021.

With the top two cryptocurrencies registering gains, other altcoins also benefitted from the market movement.

Cardano, Polygon, Uniswap, Chainlink, and Litecoin emerged as gainers today.

On the other hand, USD Coin, Ripple, Polkadot, Dogecoin , and Shiba Inu failed to gather gains.

The crypto market has managed to maintain its consistency, without registering any major spikes or plunges in recent months. This is being viewed positively by industry experts.

“Even as the crypto market leans towards a bearish trend, Bitcoin has been heralded as a winner in the pandemic era, with its price performance rising by over 80 percent in 2021. The relatively consistent performance of top cryptocurrencies from Ether and Binance Coin over the past month is growing evidence of the maturation of the overall market,” the research team at CoinDCX told Gadgets 360.

Industry experts are projecting that Bitcoin could actually reach the value of $100,000 (roughly Rs. 74 lakh) by mid-2022.

A similar estimate about Bitcoin growth was put forth recently by Nayib Bukele, the 40-year-old President of the Central American country, El Salvador. Bukele made Bitcoin a legal currency in his nation in September 2021.

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.