BTC, ETH Move Most Altcoins Toward Recovery, Small Profits Recorded
The crypto price charts looked greener on Wednesday, April 13 than earlier this week. Bitcoin opened trading with a gain of 0.28 percent, priced at $41,954 (about Rs. 32 lakh) on Indian exchange CoinSwitch Kuber. With a similar move, Bitcoin managed to make small gains on global exchanges as well. For example, on Binance, Bitcoin’s trading value hovered around $40,069 (about Rs. 30.5 lakh) after rising 1.01 percent.
Ether lagged behind Bitcoin to register gains. ETH spiked 1.13 percent to bring its value to $3,184 (about Rs. 2.5 lakh), according to Gadgets 360 crypto price tracker.
Majority of altcoins gathered behind BTC and ETH to see small, but significant gains.
Binance Coin, Solana, Ripple, Cardano and Terra saw gains.
Meme coins DOGE and SHIB also climbed the price ladder with gains of 2 percent and 18.96 percent, respectively.
“Crypto’s response to the gloomy economy is yet another indication of the safe haven hallmark as investors hedge against digital assets in times of uncertainty,” CoinDCX’s research team told Gadgets 360.
The values of stablecoins such as Tether and USD Coin, and Binance USD were deprecated, mainly due to the tense economic environment in the US. Inflation in the US has hit a new high, reaching 8.5 percent in the past year — the highest in more than 40 years.
Experts are optimistic that the crypto market will only mature through economic turmoil.
“As bitcoin continues to strengthen its correlation with the traditional US stock market, it could be another sign of the maturity of the leading digital currency as investors bet on crypto as a symbol of its forward thinking idea,” the CoinDCX team added. .
Meanwhile, the market share of better-known crypto exchanges around the world hit a new all-time high of 96 percent in February 2022, according to data collected by UK-based analytics firm CryptoCompare.
The report said that out of a total of more than 150 exchanges tracked, 78 exchanges were classified as “top-tier,” with Coinbase, Gemini, Bitstamp and Binance being the only four to receive the highest AA rating.
The market cap of the crypto industry stands at $1.87 trillion (approximately Rs. 1.42.39.532 crore) according to CoinMarketCap†
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