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ETH Crosses $2,000 First Time in Eight Months, BTC Rally Leads Most Altcoins Towards Gains

The crypto price chart brimmed with profits next to majority cryptocurrencies on Friday, April 14. Bitcoin, continuing its price rally, garnered daily profits of 1.04 percent. The value of Bitcoin reached $30,646 (roughly Rs. 24.9 lakh) on Friday. In the last 24 hours, BTC grew substantially by $587 (roughly Rs. 47,870). The support for BTC is located at the point of $30,400 (roughly Rs. 24.7 lakh), while resistance lies at the $30,800 (roughly Rs. 25 lakh) level, experts have predicted.

Following the completion of its Shanghai upgrade, Ether outshone Bitcoin in-terms of bagging profits. On Friday, ETH value spiked by 9.90 percent to reach its eight-month high of $2,107 (roughly Rs. 1.71 lakh). ETH price rose by $199 (roughly Rs. 16,230) in the last 24 hours, as per Gadgets 360’s crypto price tracker.

ETH has increased by 135 percent since its lowest cycle in June 2022.

“As expected, liquid staking protocols are in the green, with a market capitalisation of $14.3 billion (roughly Rs. 1,16,657 crore), up 10.5 percent in the last 24 hours. ETH is trading in the $2.1k zone despite some fearing a massive dump after the Shapella upgrade. The crypto fear and greed index have jumped 7 points to regain the scoring for 68, hinting towards increasing investor confidence,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

The hike in the prices for BTC and ETH paved the way for majority altcoins reeling-in gains.

These include Binance Coin, Cardano, Polygon, Solana, Polkadot, and Litecoin.

Avalanche, Tron, Chainlink, Uniswap, and Cosmos also saw profits.

“The crypto market continues to react to the US inflation data. In contrast, Ethereum outdid BTC by surging over 10 percent and is now trading at the $2,000 (roughly Rs. 1.6 lakh) level after the successful Shanghai upgrade. Overall, the market sentiment appears optimistic at the moment,” Edul Patel, CEO, Mudrex told Gadgets 360.

The overall crypto market valuation grew by 4.37 percent to touch $1.29 trillion (roughly Rs. 1,04,86,788 crore) in the last 24 hours, as per CoinMarketCap.

For the third consecutive day, stablecoins Tether, USD Coin, and Binance USD settled with losses on the price charts.

Wrapped Bitcoin, Monero, and Braintrust also recorded losses.

“With an anticipated credit crisis looming in the US, crypto is gaining back its status of hedge against inflation, making the case for decentralisation stronger,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Bitcoin, Ether Retain Profits Throughout Weekend, So Far April Seems Fruitful for Investors

Bitcoin, over the weekend, did not lose its grip on its recovered price and continued to trade above the $28,000 (roughly Rs. 22.9 lakh) mark throughout Saturday and Sunday. With a small profit of 0.81 percent, Bitcoin touched the price point of $28,287 (roughly Rs. 23 lakh) on Monday, April 10. Over the weekend, the first ever cryptocurrency grew by $272 (roughly Rs. 22.2 lakh) in terms of its value. Bitcoin’s healthy trading value has ushered a big number of cryptocurrencies onto the profit-making side of the price charts.

Ether, that is set to get its new Shanghai upgrade later this week, also did not drop in value over the weekend. The value of Ether on Monday, stood at $1,858 (roughly Rs. 1.5 lakh) with a gain of 0.17 percent.

A big bunch of cryptocurrencies followed BTC and ETH towards the greener side of the crypto price chart, showed the tracker from Gadgets 360.

Tether, Binance Coin, Binance USD, Wrapped Bitcoin, and Monero — all recorded profits.

Both memecoins DOGE and SHIB also recorded small gains alongside Zcash, Dash, and Qtum.

“Institutional investors continue to be bullish about crypto despite strict market regulations. DeFi has witnessed a lot of user interest and crypto as an asset continues to be an important part of portfolios for larger investors,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

The overall crypto market rose by 0.50 percent in the last 24 hours, showed data by CoinMarketCap. At the time of writing, the market valuation of the crypto sector stood at $1.19 trillion (roughly Rs. 96,96,113 crore).

“Most cryptocurrencies experienced an uptick in value as the market responded to the non-farm payrolls report, which indicated that the US economy gained 236,000 jobs in the previous month over the weekend,” Edul Patel, CEO of Mudrex crypto investment platform told Gadgets 360.

Meanwhile, a significant chunk of the crypto listings did see losses on Monday.

These include Cardano, Polygon, Polkadot, Litecoin, Tron, and Avalanche among others.

Despite the constant volatility associated with the crypto assets market, players from the sector are continously expanding operations to other nations.

Binance for instance, launched its business in Argentina last week.

While India is set to discuss crypto laws with the World Bank and the IMF in the coming days, Hong Kong is gearing to take active steps to push Web3 initiatives.

Smartphone companies have launched many compelling devices over the first quarter of 2023. What are some of the best phones launched in 2023 you can buy today? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Bitcoin, Ether Slip with Minor Losses, Crypto Market Remains Volatile

The global crypto market recorded a subtle period of small fluctuations throughout this week. Bitcoin, the world’s oldest cryptocurrency, stepped into the treading rink with a loss of 0.24 percent on Friday, April 7. At the time of writing, the value of BTC stood at $28,015 (roughly Rs. 22.9 lakh). In the last 24 hours, BTC dropped in pricing by $35 (roughly Rs. 2,864). Experts estimate it could take a while, probably the end of this month, before the BTC value could shoot up to $31,000 (roughly Rs. 25 lakh).

Ether prices also cascaded down the price chart on Friday. Having incurred a loss of 1.22 percent, the value of ETH is hovering around the price mark of $1,875 (roughly Rs. 1.5 lakh). ETH dipped by $17 (roughly Rs. 1,391) in the last 24 hours.

“ETH, ahead of its Shanghai upgrade which would allow staked ETH to be withdrawn, is up 4.7 percent since last week. It is notable that Ethereum’s upcoming upgrade would greatly benefit liquid staking protocols. Lido and Rocket Pool, both liquid staking protocols, saw a rise in their token prices over the last week. We can expect the crypto market to remain on edge till it processes the impact of the Shanghai upgrade,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Stablecoins Tether, USD Coin, Ripple, and Binance USD — all recorded losses, showed the crypto price tracker by Gadgets 360.

Swaying to the mellow market beat, Cardano, Polygon, Solana, Polkadot, and Litecoin also recorded losses alongside Dogecoin and Shiba Inu.

The total crypto market valuation dropped by 0.61 percent in the last 24 hours. The market cap currently stands at $1.18 trillion (roughly Rs. 96,82,215 crore), as per CoinMarketCap.

Meanwhile, only a small number of cryptocurrencies managed to mint profits.

Avalanche, LEO, Monero, Bitcoin Cash, EOS Coin, and Aave recorded gains.

“Crypto markets have been trading sideways. The fear and greed index, however, rose by a point reaching a score of 64 tilting towards greed, as of April 7,” Chaturvedi noted.

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BTC Sees No Big Price Change Entering April, Most Altcoins Record Fluctuation

Resilient at around $28,000 (roughly Rs. 23 lakh), Bitcoin has stepped into the month of April 2023 with not many flying colours. With a small loss of 0.34 percent, Bitcoin is trading at the price point of $27,707 (roughly Rs. 22.8 lakh). The world’s oldest cryptocurrency has been sitting tightly on this price mark for over a week now. While the value of BTC has risen substantially over the past week, experts predict it could be a while before Bitcoin crosses the threshold of $30,000 (roughly Rs. 24.7 lakh) amid the market volatility.

Ether managed to mint small gains, taking a different market route than Bitcoin for a change. The current price point of ETH stands at $1,771 (roughly Rs. 1.45 lakh) with a minor rise of 3.45 percent, showed the crypto price tracker by Gadgets 360 on Monday, April 3.

“Ether saw a slight increase from the previous day. Also, Ethereum developers anticipate the Shanghai upgrade on April 12, marking Ethereum’s full transition to a PoS network,” Rajagopal Menon, Vice President, WazirX told Gadgets 360, explaining ETH’s price rally.

The crypto price chart looked divided into two parts on Monday, as the top two cryptocurrencies — BTC and ETH — diverted their paths.

Bitcoin, on the loss-making side of the crypto chart, was joined by Binance Coin, Ripple, Polygon, Solana as well as Shiba Inu, Tron, and Avalanche.

On the other hand, Tether, USD Coin, Cardano, Dogecoin followed Ether on the gain trail.

Binance USD, Polkadot, Litecoin, and Wrapped Bitcoin also recorded minor gains.

As an aftereffect of the banking collapse, TradFi sentiments seem to be low among users, especially as Bitcoin is increasingly being seen as a better investment alternative.

“Investors are eagerly anticipate the release of fresh data on productivity and jobs in the United States this week. This could have an impact on the overall health of the crypto market,” Edul Patel, CEO of Mudrex told Gadgets 360.

Amid the essence of volatility in the global fintech industry, the valuation of the global crypto sector dropped by 2.02 percent in the last 24 hours. As per CoinMarketCap, the crypto market cap stands at $1.16 trillion (roughly Rs. 95,53,149 crore).

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Bitcoin Springs Above $28,000 Overnight, Most Cryptocurrencies Reel in Gains

Bitcoin, on Wednesday, reflected its highest value in around nine months. The oldest cryptocurrency sprung to the price point of $28,136 (roughly Rs. 23 lakh) overnight — its highest recorded value since June 2022. Bitcoin’s spiked price remains the same on both national and international exchanges. In the last 24 hours, the most expensive cryptocurrency rose by $361 (roughly Rs. 29,849) in value. In the last nine days, BTC has surged by 42 percent.

Ether minted a profit of 3.35 percent on Wednesday. Its value, at the time of writing, stood at $1,802 (roughly Rs. 1.4 lakh), up by $51 (roughly Rs. 4,216) in the last 24 hours.

Stablecoins Tether, USD Coin, Ripple, Binance USD — joined BTC and ETH in reeling in small but significant price hikes.

Dogecoin and Shiba Inu — with profits — joined Cardano, Polkadot, Polygon, Tron, Litecoin, and Avalanche in rising in values.

The overall crypto market valuation increased by 2.50 percent over the last day. As of Wednesday, the crypto market cap stood at $1.19 trillion (roughly Rs. 98,09,363 crore) as per CoinMarketCap.

Industry experts have, however, advised people to be cautious about investing.

“The Federal Reserve has launched a new financing facility known as the Bank Term Funding Program (BTFP), which allows banks to deposit government debt as security in exchange for a loan of 100 percent of its face value, which has sparked excitement in the cryptocurrency market,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360. “However, the surge has led to a new wave of liquidity experts on Twitter, blurring the line between disinformation and nuance and creating a mix of hope, distrust, and confusion.”

Only a small number of cryptocurrencies settled with losses today.

These include Solana, Neo Coin, Baby Doge Coin, Braintrust, and Ardor.

“The US FOMC monetary policy meeting is soon approaching, the aim of which is to determine whether or not to raise interest rates once more. The general expectation among investors and traders is that interest rate hikes will occur at a more gradual pace of 25 basis points. This follows an announcement by the US that it intends to investigate methods for ensuring that client deposits are safeguarded at struggling banks following a recent crisis. The market is expected to experience some volatility due to the FED’s decision,” Edul Patel, CEO and Co-Founder of Mudrex, told Gadgets 360.

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Bitcoin Retains Profits, Several Altcoins Record Dips Amid Crypto Fluctuation

Bitcoin, that is riding on its nine-month high value this week, continued to see profits on Tuesday, March 21. With a minor profit of 1.72 percent, the value of Bitcoin reached $27,775 (roughly Rs. 22.9 lakh) on Tuesday. In the last 24 hours, the price of BTC spiked by $495 (roughly Rs. 40,905). The oldest cryptocurrency also showed a similar movement on international exchanges such as Binance and CoinMarketCap. Experts have predicted that BTC’s next resistance point would be at $30,000 (roughly Rs. 24.7 lakh).

Ether recorded a negligible loss of 0.30 percent on Tuesday. Despite this minor setback, ETH continued to trade around its risen value of $1,751 (roughly Rs. 1.44 lakh), as per the crypto price tracker by Gadgets 360.

“Last week, crypto decoupled from the traditional financial world as crypto prices rallied despite the banking crisis. Many observers see this as a watershed moment in crypto’s evolution as an asset class. BTC has seen a 28 percent gain in the past seven days. ETH and BNB are also up by 13 percent each. BTC’s sharp rise has led to a surge in its dominance by three percentage points, taking it to 44.2 percent. This indicates that investors are more confident parking their crypto investments in BTC,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

The volatility in the crypto sector divided the price charts on Tuesday.

Profits added to the values of Tether, Binance Coin, Ripple, Cardano, and Solana alongside Bitcoin.

On the other hand, Polygon, Polkadot, Tron, Dogecoin, and Shiba Inu — joined Ether on the loss-making side of the crypto price chart.

Industry experts have sounded an alert around more shockwaves that are expected to rattle the financial landscape in the next few days.

“The instability in the banking industry has been the primary factor influencing the movements in the capital markets, and this could potentially lead to the Federal Reserve re-evaluating its monetary policy of increasing interest rates, increasing the risks of inflation. In the wake of this, more investors could consider Bitcoin as a safe haven asset. Additionally, crypto projects with good developments like ETH, MATIC, LIDO Finance, and UNISWAP are expected to see significant traction in the coming days,” the CoinDCX research team told Gadgets 360.

The overall crypto market valuation managed to grow by 0.37 percent in the last 24 hours. As of Tuesday, the crypto market cap stood at $1.16 trillion (roughly Rs. 96,03,539 crore), CoinMarketCap showed.

Amid the ongoing market chaos, crypto startups may find it difficult to secure funding for some time to come, Rajagopal Menon, Vice President, WazirX told Gadgets 360.

“Many banks still consider crypto and tech startups risky. On the bright side, the Bank Term Funding Program has increased investor confidence, putting risk assets back into play. Despite the challenges of banking in the crypto sector, some financial institutions outside the US are stepping up to cater to the growing demand,” Menon said.

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Bitcoin at Over $27,000 Hits Peak Price So Far in 2023, Altcoins See Small Losses

Bitcoin hit $27,280 (roughly Rs. 22.5 lakh) on Monday, March 20. This is the highest price that Bitcoin has managed to soar to so far in 2023. On international exchanges such as Binance and Coinbase among others, BTC values have begun to inch gradually towards its next expected resistance level of $30,000 (roughly Rs. 24.7 lakh). Despite the market fluctuations, BTC has managed to show a significant growth curve in the last three months. On January 2, that also marked the first Monday of 2023, BTC was trading at just $16,570 (roughly Rs. 13.7 lakh).

Ether price also spiked over the weekend. The second-most expensive cryptocurrency is presently trading at $1,754 (roughly Rs. 1.44 lakh). As per Gadgets 360’s crypto price tracker, ETH did record a minor loss of 1.36 percent on Monday morning, despite having seen a price hike of $47 (roughly Rs. 3,876) in the last two days.

“The world’s largest digital asset Bitcoin is again gaining momentum with a jump of 22 percent in just seven days. The collapse of US banks like SVB and Signature has rekindled the debate on the importance of DeFi and digital assets. Bitcoin is poised to test $30,000 (roughly Rs. 24.7 lakh) very soon but may face some resistance at that level. The FOMC meeting this week will be a major market-moving factor,” Shivam Thakral, CEO of BuyUcoin told Gadgets 360.

The crypto market valuation, that rose to $1.15 trillion (roughly Rs. 95,61,765 crore) during the weekend, did see a miniscule dip of 0.09 percent on Monday, showed CoinMarketCap.

Several cryptocurrencies reeled-in minor losses, but all continued to trade close to their respective risen values overall.

Stablecoins Tether, USD Coin, and Binance USD fell in prices.

They were further joined by Cardano, Polygon, Solana, Polkadot, Litecoin, and Tron among others.

Dogecoin and Shiba Inu — both reeled-in losses as well.

Experts are of the belief that with the collapse of three banks in the US, investors could be worried about liquidity concerns that is causing the crypto market to be shaky.

“Reduced liquidity remains a concern for some, as data from an analytics firm shows a decrease in transfer volume, active addresses, and transactions. As always, investors are advised to exercise caution and conduct thorough research before making investment decisions,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Some altcoins, did however, record gains alongside BTC and ETH. These include Wrapped Bitcoin, Leo, Bitcoin Cash, Stellar, and Cronos.

Industry insiders are hopeful that the instability in the banking sector could add to the popularity of cryptocurrencies in the times to come.

“The last time BTC traded above the $28,000 (roughly Rs. 23 lakh) region was in June 2022. Though it is down by 59 percent from its all-time high, BTC is up by 101 percent from its lowest cycle in January. With instability in the banking sector, inflation data that exceeded expectations, and renewed optimism about a dovish Federal Reserve, Bitcoin has reached levels unseen in approximately nine months,” Edul Patel, the CEO of Mudrex crypto investment platform told Gadgets 360.

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Bitcoin Continues to Lose Steam in Silvergate Shutdown Aftermath, Most Altcoins Record Losses

Bitcoin slipped by eight percent to trade at the price point of $19,978 (roughly Rs. 16 lakh) on Friday. On national as well as international exchanges, BTC has recorded a similar overnight market movement trajectory. In the last 24 hours, the value of Bitcoin dropped by $1,770 (roughly Rs. 95 lakh). BTC began losing steam after crypto titan Silvergate Bank scared investors with the possibility of another FTX-like industry debacle last week. Silvergate later confirmed that it will shut operations amid regulatory pressures and the impact from the collapse of FTX..

With a dip of 7.81 percent, Ether’s value saw a substantial fall on Friday. The value of ETH, at the time of writing, stood at $1,414 (roughly Rs. 1.16 lakh), according to the crypto price tracker by Gadgets 360. Overnight, the price of ETH tumbled by $123 (roughly Rs. 10,095).

“Overall, the market is experiencing uncertainties surrounding Silvergate, potential interest rate hikes, and the upcoming US jobs data. The market sentiment may also have prompted traders and investors to sell off due to the potential threat of higher interest rates,” Edul Patel, the CEO and Co-Founder of Mudrex told Gadgets 360.

Most cryptocurrencies followed BTC and ETH and recorded loses on Friday. These include memecoins Dogecoin and Shiba Inu.

Solana, Polkadot, Polygon, as well as Litecoin also saw their values fall amid the ongoing crypto meltdown.

Various stablecoins showed different movements amid the ongoing volatility. Tether and USD Coin, for instance, rose in value with minor hikes. Ripple on the other hand, settled with dipped pricing.

The overall crypto sector valuation sunk by 6.73 percent in the last 24 hours. The market cap of the crypto industry on Friday stood at $930.77 billion (roughly Rs. 76,39,468 crore) as per CoinMarketCap.

“Fed Chair Jerome Powell has declared that as inflation remains uncomfortably high, interest rates might continue to be increased and remain elevated for longer,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360. “With access to US banking routes getting more difficult for crypto players, trading liquidity remains shallow and, in turn stressing overall crypto markets. All eyes on upcoming Macro data next week, as a ‘risk-off’ sentiment would hurt crypto prices further. Also worth monitoring is the fallout from Silvergate and any further industry casualties that it brings along,” he added.

Cosmos, Dash, and Qtum were among the few cryptocurrencies that saw their values rise on Friday.

“Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 9.19 percent in the past seven days. The Index value stood at Rs. 672.43 at 8 AM, March 10, 2022,” Chaturvedi noted.

From smartphones with rollable displays or liquid cooling, to compact AR glasses and handsets that can be repaired easily by their owners, we discuss the best devices we’ve seen at MWC 2023 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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