Bitcoin, Ether Show Signs of Recovery Mid-Week After Shaky Start
The crypto market is attempting a retaliation against the recent onslaught experienced earlier in the month with Bitcoin and most of the major altcoins seeing a bit of an upside in value over the past 24 hours.
As things stand, Bitcoin has continued to face resistance around the psychologically important $17,000 (roughly Rs. 13.8 lakh) level and is up by close to 1.15 percent in the last 24 hours with its price now
around the $17,015 (roughly Rs. 13.81 lakh) mark across global exchanges while Indian exchanges like CoinDCX value BTC at $18,351 (roughly Rs. 14.89 lakh), which is 0.67 percent higher than what the crypto asset was valued at on early Tuesday.
On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $17,017 (roughly Rs. 13.81 lakh) while CoinGecko data shows that BTC’s value now sits 8.8 percent lower than where it stood last mid-week.
Ether, the largest smart contracts token, saw a surge in value too, following Bitcoin, but continues to be stuck in a bit of a rut where it’s neither bullish nor bearish.
Ether is currently up by roughly 0.90 percent over the past 24 hours across global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,375 (roughly Rs. 1.08 lakh) where values are surprisingly down by 0.94 percent in the past day.
Gadgets 360’s cryptocurrency price tracker reveals that most major altcoins saw a jump in value too with the global crypto market capitalisation numbers showing a 0.79 percent increase over the last day.
Cardano, Polygon, BNB, Cosmos, Chainlink, and Polkadot, Solana, TRON, Avalanche, and Monero all stay in the green while Uniswap led the pile adding over 6 percent in value over the past 24 hours.
In the meme coins section, Dogecoin and Shiba Inu managed to show up on the green scale too.
Dogecoin is currently valued at $0.087 (roughly Rs. 7.13) after gaining by more than 1.39 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.0000093 (roughly Rs. 0.000758), up 2.04 percent over the past day.
The small recovery mid-week arrives as traditional markets received a boost after fresh data from the US Labor Department’s Producer Price Index report on Tuesday showed a decline in the cost of goods excluding food and energy.
This, experts say, could mean inflation is finally being brought under control.
The cryptocurrency market this year has mostly followed the US stock market; with inflation being at a 40-year high in the US, the Federal Reserve has pursued an aggressive policy of raising interest rates.
This has caused investors to get shot of risk assets, like tech stocks and Bitcoin, and instead hold onto dollar-pegged stablecoins and paper money.