Bitcoin Price Climbs Up Closer to $30,000 Mark, Most Altcoins See Gains:
Bitcoin Sees 3% Surge as MicroStrategy Plans to Buy More
Bitcoin, the most expensive cryptocurrency, experienced a three percent surge on Wednesday, reaching a price point of $29,761. This comes after weeks of low trading on the price chart. The rise in BTC’s price could be attributed to MicroStrategy’s decision to sell $750 million in stock, with the intent of using the proceeds to purchase more Bitcoin. As Bitcoin traded in gains, many other cryptocurrencies also saw an upward movement in price.
Ether, the second largest cryptocurrency, registered a hike of 2.20 percent, reaching $1,865 in the last 24 hours. This marked an increase of $40 from its previous value.
“The crypto market has displayed resilience in the last 24 hours. While Bitcoin’s five-day volatility is lower than that of Gold, a violent breakout in either direction is expected,” said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.
Notably, other cryptocurrencies also experienced profits. Stablecoins like Tether, Ripple, USD Coin, and Binance USD, as well as memecoins like Dogecoin and Shiba Inu, all rallied with profits. Additionally, Binance Coin, Cardano, Solana, Tron, Litecoin, Polygon, and Polkadot also recorded gains.
One significant development to watch out for is the Litecoin halving, which is scheduled to happen today at around 11 PM IST. This event will lead to a 50 percent reduction in mining rewards for LTC, resulting in less supply entering the market. Consequently, significant volatility can be expected.
The overall valuation of the crypto market has seen a spike of 2.17 percent in the last 24 hours, bringing the market cap to $1.19 trillion. Despite the positive performance, the crypto fear and greed index remains in the neutral zone with a score of 53/100.
While most cryptocurrencies are trading in profits, a few are experiencing losses. Monero, Elrond, Bitcoin SV, Braintrust, and Circuits of Value are among those seeing downside movements.
Edul Patel, the CEO of Mudrex crypto investment firm, suggests that the recent downgrade of the US Dollar from AA+ to AAA by Fitch may be contributing to the increase in crypto prices. He notes that this situation is different from 2012, when companies reacted negatively to the downgrade of US debt. Currently, companies are reporting relatively positive earnings. The Litecoin halving event is highly anticipated by investors.
In other news, Samsung launched its latest devices including the Galaxy Z Fold 5, Galaxy Z Flip 5, Galaxy Tab S9 series, and Galaxy Watch 6 series at its first Galaxy Unpacked event in South Korea.
Please note that cryptocurrency is an unregulated digital currency, not a legal tender, and subject to market risks. The information provided in this article is not intended to be financial advice, trading advice, or any other recommendation.