BTC Crosses $30,000 Mark, ETH Joins Most Altcoins in Reeling in Hefty Profits

Bitcoin is currently trading at $29,948 (roughly Rs. 24.5 lakh), after it managed to mint profits of 5.94 percent.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 11 April 2023 11:08 IST

BTC Crosses $30,000 Mark, ETH Joins Most Altcoins in Reeling in Hefty Profits

Photo Credit: Pixabay/ Dean Crosby

The valuation of the global crypto sector stands at $1.24 trillion

Highlights

Dogecoin, Shiba Inu saw gains
Cardano, Polygon recorded profits
Monero saw losses

The crypto price chart on Tuesday, April 11, looked green from top to bottom reflecting profits for majority cryptocurrencies. Bitcoin touched the trading price of $29,948 (roughly Rs. 24.5 lakh) on Tuesday, after it managed to mint profits of 5.94 percent. BTC also briefly crossed the price point of $30,000 (roughly Rs. 24.5 lakh) overnight, but quickly receded to its current pricing. The sudden spike in the prices of BTC and other cryptocurrencies comes as part of the impact of rising interest rates and chaos in the banking systems in the US. In the last 24 hours, BTC rose by $1,661 (roughly Rs. 1.36 lakh).

“After trading in a tight range for about 10 days, BTC has reached its current price point for the first time since June last year, rising around seven percent in the last 24 hours. In parallel, Bitcoin is also increasingly becoming independent of traditional markets. It has been showing an increasing correlation with gold for the past few weeks,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Ether, that is set to get its Shanghai upgrade on Tuesday, minted profits of 3.66 percent. At the time of writing, the value of ETH stood at $1,923 (roughly Rs. 1.5 lakh), risen by $65 (roughly Rs. 5,326) in the last 24 hours.

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“The market's focus remains majorly on the staked ETH withdrawals after Shanghai is implemented. Bullish sentiment surrounds ETH staking upgrades, potentially attracting new capital for rewards, but some fear a supply overhang from locked-up ETH being sold. However, not all staked ETH will be released at once. Heightened volatility in ETH prices can be expected this week as investors assess the impact,” Chaturvedi further added.

Tether, Binance Coin, USD Coin, Ripple, Cardano, and Polygon recorded profits alongside BTC and ETH.

Dogecoin and Shiba Inu also grabbed a space in the profit-making side of the crypto price chart.

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Polygon, Solana, Polkadot, Litecoin Tron, Avalanche, and Wrapped Bitcoin also recorded gains in this upward market momentum.

The overall crypto market climbed up the valuation ladder by 4.40 percent in the last 24 hours. As per CoinMarketCap, the crypto market cap stands at $1,24 trillion (roughly Rs. 1,01,40,529 crore).

“Crypto related tokens also saw a price rally in the last 24 hours with liquidation induced price volatility decreasing gradually over the last two years,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Investors in Bitcoin and other cryptocurrencies should keep track of important macro data in the upcoming week, with the US Consumer Price Index (CPI) being one of the most significant metrics for financial markets.

“The market is assessing whether the Federal Reserve will initiate another rate hike or take a pause based on the latest US labour market data and falling inflation. The market is assessing whether the Federal Reserve will initiate another rate hike or take a pause based on the latest US labour market data and falling inflation,” the research team at CoinDCX told Gadgets 360.

Meanwhile, Monero, Bitcoin Cash, and Braintrust failed to bag profits and succumbed to the market volatility.

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More