Crypto Market Watch: Bitcoin and Ether Rally With Profits, Most Altcoins Record Gains
Bitcoin on Friday, June 30, reflected a small profit of 0.83 percent that brought its trading value to $30,440 (roughly Rs. 24.9 lakh). The value of the top-most cryptocurrency rose by $300 (roughly Rs. 24,606). The price of Bitcoin experienced a significant increase due to the better-than-expected performance of the US GDP and lower unemployment claims. The announcement of Fidelity Investments’ intention to launch a Bitcoin ETF has also boosted the optimistic market sentiment, Rajagopal Menon, Vice President, WazirX, told Gadgets 360.
Ether followed Bitcoin on the profit-making side of the crypto price chart on Friday. ETH, at the time of writing, was trading at $1,850 (roughly Rs. 1.5 lakh) after incurring a profit of 0.84 percent.
Following BTC and ETH’s price rally, most altcoins recorded small profits on Friday.
These include stablecoins Tether, USD Coin, Ripple, and Binance USD alongside Binance Coin, Cardano, and Solana.
Memecoins Dogecoin and Shiba Inu also recorded profits with Chainlink, Monero, Uniswap, and Stellar.
The valuation of the crypto market went up by 2.27 percent in the last 24 hours. As per CoinMarketCap, the crypto market cap currently stands at $1.19 trillion (roughly Rs. 97,62,867 crore).
The crypto fear and greed index has jumped two points to re-enter the greed zone with a score of 56/100.
“All of the top 10 cryptos by market capitalization seem to be trading in the green, with SOL (+16.5%) soaring the most. Crypto markets have traded sideways in the last 24 hours, even amidst rekindled inflationary concerns and proposed Fed rate hikes. Furthermore, a UK bill giving regulators the power to supervise crypto and stablecoins has now become a law after receiving the last required approval from King Charles,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.
Some cryptocurrencies, however, did see losses on Friday. These include Leo, Cosmos, Ardor, Braintrust, Augur, and Circuits of Value.
“The market sentiment is also influenced by the news of MicroStrategy’s announcement of purchasing an additional $374 million (roughly Rs. 3067 crore) worth of Bitcoin. Bitcoin currently faces a resistance level at $30,750 (roughly Rs. 25.2 lakh) and has a support level at $30,420 (roughly Rs. 24.9 lakh). In a similar fashion, Ethereum, the second largest cryptocurrency, followed Bitcoin’s lead and experienced a gain of approximately two percent compared to the previous day,” Edul Patel, CEO of Mudrex crypto investment firm, told Gadgets 360.
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