Bitcoin, the world's leading cryptocurrency, experienced a second consecutive day of price growth on September 15th. Over the past 24 hours, the value of Bitcoin rose by 1.30 percent, bringing it to a trading price of $26,567 (approximately Rs. 22 lakh) at the time of writing. In this short period, Bitcoin's value increased by $7 (roughly Rs. 581). The cryptocurrency Market has exhibited an overall bullish sentiment, with numerous cryptocurrencies witnessing notable price surges. To maintain its upward trajectory, Bitcoin needs to surpass the $27,000 (about Rs. 22.4 lakh) threshold.
Ether, the second-largest cryptocurrency by market capitalization, also experienced a 1.01 percent increase in value on Friday, pushing its price to $1,633 (around Rs. 1.35 lakh). In the past 24 hours, Ether's value surged by $11 (approximately Rs. 913).
Market experts have pointed out that this price shift may be related to the European Central Bank (ECB) signaling that the recent 0.25 percent interest rate hike could be the final one in the current cycle. The ECB raised the interest rates on its key operations, namely the main refinancing operations, marginal lending facility, and deposit facility, to 4.50 percent, 4.75 percent, and 4.00 percent, respectively. The deposit facility's interest rate has reached its highest level since 2001, potentially influencing the cryptocurrency market.
Across the crypto price chart, gains were observed from top to bottom on Friday, with cryptocurrencies like Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, Solana, Polygon, and Polkadot all reporting minor profits.
Additional cryptocurrencies in the green zone include Litecoin, Shiba Inu, Bitcoin Cash, Leo, Avalanche, Chainlink, Stellar, and Monero.
One notable factor contributing to the crypto market's uptrend is Deutsche Bank's announcement that it plans to offer digital asset custody and tokenization services, making it the largest German lender to provide such services. Another possible factor is the European Central Bank's signals regarding the conclusion of interest rate hikes in the euro area.
The overall crypto market valuation increased by 1.31 percent in the past 24 hours, reaching a total market cap of $1.06 trillion (approximately Rs. 88,04,964 crore), as reported by CoinMarketCap. Despite these positive developments, the crypto fear and greed index remains in the "fear" zone, with a score of 45 out of 100.
While most cryptocurrencies enjoyed gains, Cartesi, Augur, and Gas recorded losses during this period.
