Bitcoin on Tuesday, January 30 jumped to the price point of $43,495 (roughly Rs. 36 lakh). Over the last 24 hours, the asset grew by 2.73 percent, which in-terms of value stands at $1,320 (roughly Rs. 1.09 lakh). This is the first time in over a week that Bitcoin has managed to trade above the mark of $43,000 (roughly Rs. 35.7 lakh). It is also noteworthy that BTC dominance is rising which usually poses challenges for altcoins. Bitcoin dominance is the metric for the relative share of Bitcoin compared to the overall cryptocurrency market. Presently it stands at 51.2 percent.
Ether rose by 1.74 percent in price over the last day. The asset, at the time of writing, was trading at $2,310 (roughly Rs. 1.92 lakh).
“The crypto market has experienced a significant price increase following days of decline, after the approval of Bitcoin ETFs. This price shift can probably be attributed to a change in Google’s guidelines, now allowing Bitcoin ETF adverts in the US by companies like BlackRock, VanEck, and Franklin Templeton,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Binance Coin, Solana, Ripple, Cardano, Avalanche, Dogecoin, Polkadot, Chainlink, and Polygon — all reflected gains on Monday alongside BTC and ETH.
“One of the notable gainers of the day remained PENDLE (+16.5 percent) as the Arbitrum based protocol entered the top 100 in terms of circulating market cap. This came as the total value locked in the protocol has crossed the 500-million-dollar mark, an all-time high. Another popular altcoin SOL (+5.12 percent) is also on the move again as Solana DEXs briefly flipped Ethereum trading volumes with rolling 24 hour volume on Solana crossing $700 million (roughly Rs. 5,819 crore) compared to $698 million (roughly Rs. 5,802 lakh) on Ethereum as per the data from DefiLlama. Some analysts are predicting another run might be due for SOL as the recent corrective wave seems to have settled,” the CoinSwitch Markets Desk told Gadgets360.
The overall crypto market cap rose by 2.30 percent in the last 24 hours. The current valuation of the crypto sector, as of Tuesday, stands at $1.67 trillion (roughly Rs. 1,38,82,793 crore), as per CoinMarketCap.
Cryptocurrencies trading in losses on Tuesday include Tether, USD Coin, Tron, Leo, and Augur.
“Market awaits key events: the Fed’s interest rate decision and US January unemployment rate data. If a widely expected rate cut occurs, bulls may triumph in the ongoing tug of war. Conversely, unchanged rates could signal bearish sentiment. Investors brace for potential impact even as Bitcoin’s Bollinger Bands show early signs of convergence, hinting at the possibility of reduced-price volatility in the coming days,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
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