Bitcoin Continues Modest Gains for Third Consecutive Day, Touches $25,825 as Altcoins Follow Suit
On Thursday, September 7th, Bitcoin extended its streak of incremental gains, marking a 0.16 percent increase to reach a trading price of $25,825 (approximately Rs. 21.4 lakh). Over the past 24 hours, BTC's value has risen by $59 (about Rs. 4,905). Industry experts speculate that this minor yet noteworthy surge in Bitcoin's price may be attributed to the Financial Accounting Standards Board (FASB) approving a favorable approach for companies to manage cryptocurrencies in their financial records.
Ether, mirroring Bitcoin's upward trajectory, also saw gains on Thursday. At the time of reporting, ETH was trading at $1,637 (roughly Rs. 1.36 lakh), marking a 0.49 percent price increase.
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, shared insights into Bitcoin's recent performance, stating, "BTC's price remained relatively stable for another day, with a brief dip below $25,500 (approximately Rs. 21 lakh) and a surge above $26,000 (about Rs. 21.6 lakh) on Binance. This dip and subsequent rise coincided with the news that major tech investor Cathie Wood's ARK Invest had applied for a spot Ethereum ETF in the US. This marks the first attempt in the United States to list such a fund that directly invests in the second-largest digital asset by Market Capitalization. Meanwhile, ETH (-0.1 percent) remained relatively flat."
Several other cryptocurrencies, including Binance Coin, USD Coin, Polkadot, Litecoin, Shiba Inu, Avalanche, Leo, and Chainlink, also experienced modest gains.
"In the altcoin arena, WorldCoin, associated with Sam Altman, witnessed a significant rally, with WLD surging by over 20 percent in the past 24 hours. This rally coincided with recent surges in other AI-related coins like NMR (+3.31 percent) and FET (+2.43 percent). Additionally, the Render token, RNDR (+2.72 percent), emerged as one of the coins garnering investor attention today," added Hudda.
The overall cryptocurrency market capitalization increased by 0.34 percent in the last 24 hours, reaching a total valuation of $1.04 trillion (approximately Rs. 86,39,077 crore), as per CoinMarketCap.
Conversely, Ripple, Dogecoin, Solana, Cronos, Elrond, and Bitcoin SV faced declines in their values.
Notably, Cartesi, Ardor, and Circuits of Value also experienced marginal losses during Thursday's trading session.
