Crypto Market Watch: Bitcoin, Ether Collect Profits After Days of Laying Low, Most Altcoins Follow Suit

In the last 24 hours, the value of BTC rose substantially by $1,130 (roughly Rs. 92,619).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 14 July 2023 11:56 IST

Crypto Market Watch: Bitcoin, Ether Collect Profits After Days of Laying Low, Most Altcoins Follow Suit

Photo Credit: Unsplash/ Jonathan Borba

The valuation of the crypto sector stands at $1.21 trillion

Highlights

Polkadot, Avalanche recorded gains
Shiba Inu and Dogecoin also minted profits
Cosmos, Underdog recorded losses

The inflation data shared by the US this week showed that the market situation is improving, and the information is impacting the crypto market. Bitcoin on Friday, July 14, minted a profit of 3.87 percent to trade at the price point of $31,458 (roughly Rs. 25,7 lakh). This is the first time in days that Bitcoin has managed to mint profits of over one percent. In the last 24 hours, the value of BTC rose substantially by $1,130 (roughly Rs. 92,619).

Ether also tailed along with Bitcoin to see profits, even bigger than Bitcoin. With a gain of 7.57 percent, the value of ETH stood at $2,007 (roughly Rs. 1.64 lakh) at the time of writing. This is the first time in two months that ETH has been able to cross the $2,000 (roughly Rs. 1.63 lakh) mark.

Most other cryptocurrencies rallied behind Bitcoin and Ether on the profit-making side of the crypto price chart.

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These include Binance Coin, Ripple, Cardano, Dogecoin, and Polygon.

In addition, Litecoin, Tron, Polkadot, Avalanche, and Shiba Inu also minted profits.

"These market gains have been triggered by a US court ruling which is partially in favour of Ripple. The court has stated that the trading of XRP (+61.9%) amongst retail investors can't be dubbed as a 'securities' sale. The SEC continues to hold its stance against the ruling and will likely re-appeal, but overall this has set a strong precedence for the sector and has resulted in a massive rally in prices," Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.

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"BTC is now trading at its highest level this year and could explore a clear breakout in prices if the positive momentum continues."

The overall crypto market rose by 6.80 percent in the last 24 hours. This takes the industry's capitalisation to $1.26 trillion (roughly Rs. 1,03,38,111 crore), shows data by CoinMarketCap. The crypto fear and greed index has jumped three points to remain in the greed zone with a score of 60/100.

Only a small number of cryptocurrencies recorded losses on Friday. These include USD Coin, Bitcoin Cash, Binance USD, LEO, and Qtum.

Dogefi, Cosmos, Underdog, and Floki Inu also registered small price dips.

In other news, Google PlayStore has changed its policy to allow developers to incorporate digital assets into their apps and games. The updated guidelines are “aimed at creating a level playing field that promotes user trust, and responsible usage of blockchain technology”.

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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, Cartesi, Braintrust, Kishu Inu, Circuits of Value

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