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BTC Stays Under $17,000 Price Point, Many Altcoins See Small Profits

Bitcoin on Thursday opened with a miniscule profit of 0.21 percent, as the crypto market, that has been laying low on the value scale for almost a month now, is beginning to show signs of recovery. At the time of writing, Bitcoin is priced $16,853 (roughly Rs. 13.9 lakh). This is the fourth day in a row that BTC has not been able to break beyond the price point of $17,000 (roughly Rs. 14 lakh), although it briefly rose above that number ahead of the US Consumer Confidence Report on Wednesday. On international exchanges such as Binance and CoinMarketCap as well, Bitcoin rose in prices by 0.21 percent to trade at the same price point.

It is noteworthy that despite Bitcoin’s lacklustre performance, its retail adoption is on the rise. “BTC adoption reached an all-time high with a record 17 percent of total circulating supply being held by addresses holding less than 10 BTCs in a wallet,” CoinDCX’s research team told Gadgets 360.

Ether followed Bitcoin to register small gains on Thursday. ETH is presently trading at $1,213 (roughly Rs. 1 lakh) after seeing a profit of 0.55 percent as per Gadgets 360’s crypto price tracker.

Stablecoins such as Tether, USD Coin, and Binance USD also recorded minor price hikes.

Solana, Uniswap, LEO, Wrapped Bitcoin, Chainlink, and Monero opened trading with small but significant profits.

The overall crypto market grew by 0.26 percent in the last 24 hours. As per CoinMarketCap, the sector valuation stands at $810 billion (roughly Rs. 67,08,914 crore).

Meanwhile, multiple cryptocurrencies were hit by losses on Thursday. These include Binance Coin, Cardano, Polygon, Polkadot, and Litecoin.

“Despite the sluggish momentum, we are seeing increasing adoption among the bigger players for the crypto ecosystem. Visa supporting Ethereum auto-payment scheme from self-custody wallets allowing users to set up recurring bill payments; decentralised exchanged, Uniswap partnered with Moonpay, a fintech company to allow users to purchase cryptos via debit cards, credit cards and bank transfers; Mercedes-Benz, one of biggest automakers has recently filed for five metaverse and NFT-related trademark applications,” the CoinDCX team added.

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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