February 27, 2024

Bitcoin minted a profit of 4.18 percent on Friday, February 9. After frequent price reductions these recent weeks, Bitcoin has finally managed to breach the mark of $46,000 (roughly Rs. 38.1 lakh). At the time of writing, the asset is trading at the price point of $46,275 (roughly Rs. 38.4 lakh). In the last 24 hours, Bitcoin has risen in value by $1,770 (roughly Rs. 1.46 lakh). As per market analysts, there is increased investor confidence leading up to the halving event. As per a recent Glassnode report, there has been a 3.6 percent increase in Bitcoin wallets holding more than 1,000 BTC from January 19 to February 6.

“The Chinese New Year period has been a catalyst for Bitcoin’s upward momentum historically. The surge coincides with S&P 500 going to reach a historic high. Bulls are now looking towards $50,000 (roughly Rs. 41.5 lakh) as the next significant psychological resistance level, fuelled by positive sentiment,” Edul Patel, CEO of Mudrex, told Gadgets360.

Bitcoin’s rally ignited an upward movement for all major cryptocurrencies on Friday. Ether recorded a profit of 1.43 percent on Friday. This has taken its trading price to $2,449 (roughly Rs. 2.03 lakh). The asset has gained $24 (roughly Rs. 1,992) in its price in the last 24 hours.

Ripple, Dogecoin, Cardano, [Avalanche], Solana, Binance Coin, Shiba Inu, Litecoin, Bitcoin Cash, and Uniswap — all reflected profits on Friday.

“Updates from the ETF market have fuelled this growth of Bitcoin beyond the key psychological level of $45,000 (roughly Rs. 37.3 lakh). On Thursday, Fidelity Wise Origin Bitcoin (FBTC) saw a net inflow of close to $130.1 million. Notably, Ishares Bitcoin Trust (IBIT) saw a total volume of $478.5 million (roughly Rs. 3,972 crore) on the same day. Moreover, increasing inflows in the ETF market played a pivotal role in this positive market trend. The accessibility of ETFs is widening the investor base for Bitcoin,” Raj Karkara, COO, ZebPay told Gadgets360.

The overall valuation of the crypto sector spiked by 3.08 percent in the last 24 hours to presently claim the capitalisation of $1.76 trillion (roughly Rs. 1,46,11,572 crore) as per CoinMarketCap.

Small losses were registered by Chainlink, Braintrust, and Doge Killer.

At large, the investor sentiment saw a rapid uptick as the Crypto Fear & Greed Index jumped to a score of 72, again, hitting its highest point since the launch of spot BTC ETFs on January 11.

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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