On Monday, Bitcoin and the broader cryptocurrency market struggled to gain traction as prices remained flat for the day and there were no significant news to boost the spirits of crypto traders. Despite this, the price of Bitcoin has increased by 2.72 percent over the past day, continuing to rise above $20,000 (roughly Rs. 15.97 lakh) on international exchanges. Meanwhile, the Indian exchange CoinSwitch Kuber has raised the price of BTC by 1.36 percent from yesterday, placing it at $20,199 (roughly Rs. 16.13 lakh).
The price of Bitcoin is presently $20,406 (or around Rs. 16.3 lakh) on major exchanges like CoinMarketCap, Coinbase, and Binance, while data from CoinGecko reveals that the value of BTC is currently 4.4 percent lower than it was on last Tuesday.
On the other side, Ether has performed well over the previous day after experiencing an unexpected increase in purchasing demand following the recent sell-off. Currently, the value of Ether is $1,535 (or about Rs. 1.22 lakh) on CoinSwitch Kuber, while it is $1,570 (or roughly Rs. 1.25 lakh) on international exchanges, where it has increased in value by 7.96% over the previous 24 hours.
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The value of Ether has recovered somewhat over the course of the week, while [CoinGecko data] (https://www.coingecko.com/en/coins/ethereum) shows that there is still distance to cross.
The majority of significant cryptocurrencies registered significant increases over the previous day, according to Gadgets 360's cryptocurrency price tracker. Through late Monday and early Tuesday, the value of the global crypto market increased significantly by 4.3 percent.
In the previous day, the value of Cardano, Polygon, Polkadot, Uniswap, Cosmos, Solana, Monero, Cosmos, Avalanche, and BNB all decreased.
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Memecoins Along with the majority of other cryptocurrencies, Shiba Inu and Dogecoin saw increases. Shiba Inu is presently at $0.001013 (about Rs. 0.001013), up 5.99 percent over the previous day, while Dogecoin is currently valued at $0.07 (around Rs. 5.7), up 2.01 percent in value over the last 24 hours.
According to Jay Fraser, head of strategy at BSTX securities exchange, according to Reuters, "it's apparent that longer-term holders at the retail level are also collecting, and the number of wallets holding very tiny sums of Bitcoin is indeed expanding."
Don't undervalue the influence of the retail HODLers, Fraser cautioned, referring to a group whose moniker was first coined years ago when a trader typed "hold" incorrectly on an internet forum. Their failure to sell contributes to the rise in scarcity, which eventually leads to another supply shock for bitcoin.
