Bitcoin witnessed a 3.04 percent surge on Wednesday, reversing its recent losses. The cryptocurrency's value climbed to $25,937 (approximately Rs. 21.4 lakh) from its previous price of $24,152 (about Rs. 20 lakh) just one day earlier. This signifies an increase of $1,785 (roughly Rs. 1.47 lakh) within the past 24 hours.
Ether also joined Bitcoin in the positive territory, registering a gain of 2.72 percent. The current value of ETH stands at $1,596 (approximately Rs. 1.32 lakh), marking an increase of $41 (roughly Rs. 3,397) in the past 24 hours.
The recent upward movement in cryptocurrency prices may be attributed to renewed interest in the Bitcoin Spot ETF race, as Franklin Templeton, a major asset management company, filed an application with the US SEC. Additionally, the number of wallets holding 0.1 BTC reached an all-time high of 12 million, possibly indicating growing trust among Market participants in Bitcoin, according to Edul Patel, Co-Founder and CEO of Mudrex.
Following minor losses on the previous day, several cryptocurrencies recorded profits today. These include Binance Coin, Ripple, Cardano, Dogecoin, Solana, and Polkadot. Other altcoins, such as Polygon, Litecoin, Shiba Inu, Bitcoin Cash, Leo, Avalanche, Chainlink, Monero, and Uniswap, also saw modest gains.
The overall valuation of the crypto sector increased by 2.24 percent in the last 24 hours, reaching $1.03 trillion (approximately Rs. 85.38 lakh crore), as reported by CoinMarketCap.
However, some cryptocurrencies experienced minor losses, including Tether, USD Coin, Stellar, and Binance USD. Near Protocol, Iota, Augur, Circuits of Value, and Bitcoin Hedge also recorded slight declines.
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, pointed out that the FTX court hearing and awaited inflation data could impact the market. The inflation forecast suggests a year-on-year increase of 3.6 percent, higher than the previous 3.2 percent, which could have implications for the crypto market.
