Bitcoin, Ether Jump to Profits Ushering Majority Cryptocurrencies on Gain Trail

Crypto Industry analysts have said that strong institutional investments in the crypto sector reaffirms its credibility.

By Radhika Parashar | Updated: 9 March 2022 12:37 IST

Bitcoin, Ether Jump to Profits Ushering Majority Cryptocurrencies on Gain Trail

Photo Credit: Pexels/ Worldspectrum

The total market cap of the crypto industry currently stands at $1.83 trillion

Highlights

Cardano, Solana see gains
Dogecoin and Shiba Inu also reap small profits
Binance USD among stablecoins to see losses

The overall crypto market glimmered with green on Wednesday as a majority of cryptocurrencies opened with gains. Bitcoin, with profits of 5.80 percent, started trading at $42,547 (roughly Rs. 32.5 lakh) on Indian exchange CoinSwitch Kuber on March 9. On other Indian exchanges such as UnoCoin, BTC price shot up to $43,774 (roughly Rs. 33.5 lakh), indicating a recovery for the world's most-valued cryptocurrency. Reaping gains of around seven percent, Bitcoin's performance on international exchanges also made quite the comeback. On global exchanges such as CoinMarketCap and Binance, Bitcoin is trading at around $41,475 (roughly Rs. 32 lakh).

Ether trailed behind Bitcoin to garner profits on the crypto price charts. ETH, with a gain of five percent, rose to $2,788 (roughly Rs. 2.15 lakh) in value, as per Gadgets 360's crypto price tracker.

On international exchanges as well, Ether saw substantial gains of around six percent, that took its trade value to flutter around $2,704 (roughly Rs. 2 lakh).

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Among other gainers, Binance Coin, Polkadot, Polygon, Ripple, Cardano, and Solana made it to the list.

Dogecoin and Shiba Inu also broke free from their loss spells to reap minor gains.

Under the current economic instability amid geopolitical tensions, stablecoins such as Tether, USD Coin, and Binance USD saw losses.

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The comprehensive retrieval of the crypto market can be linked to the activities of institutional investors.

Recently, Boston, US-based Bain Capital Ventures launched a fund worth $560 million (roughly Rs. 4,307 crore), exclusively focused on crypto-related initiatives.

Last month, Sequoia Capital announced that it is looking to raise up to $600 million (roughly Rs. 4,610 crore) for its first crypto-specific fund.

“Even as the future of crypto price remains uncertain, the strong institutional support reaffirms the robustness of the sector and imbues credibility in the industry. Even if prices take a fall, the industry would be much more prepared to weather the headwinds as compared to the first-time round,” the research team at Indian exchange CoinDCX told Gadgets 360.

Meanwhile, China could reportedly be planning to follow India and Russia in considering a national digital currency.

Measures around tightening the crypto sector are also being considered in full force by the US as well as the European Union (EU).

US President Joe Biden is also expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded.

The EU parliament has also scheduled a vote on a regulatory framework being drafted for the crypto sector for March 14.

Presently ravaged by attacks from Russia, Ukraine continues to gather crypto donations for emergency relief funds. Over $60 million (roughly Rs. 460 crore) have been collected as crypto assets by Ukraine so far, blockchain analytics firm Elliptic tracked.

The authorities of the war-torn nation are using crypto assets to purchase food, fuel, medical supplies, along with non-lethal military equipment like night vision goggles and bullet proof vests.

The total market cap of the crypto industry currently stands at $1.83 trillion (roughly Rs. 1,40,87,797 crore) as per CoinMarketCap.

What should you know about MWC 2022? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Polkadot, Polygon, Ripple, Cardano, Solana, USD Coin, Tether, Binance USD, Dogecoin, Shiba Inu, China, Digital Currency, Ukraine, Russia, Ukraine Russia War

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