Crypto Market Watch: Bitcoin, Ether See Small Gains, Lift Most Altcoins Up the Price Ladder

In the last 24 hours, the price point of BTC rose by $219 (roughly Rs. 17,946).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 27 July 2023 11:57 IST

Crypto Market Watch: Bitcoin, Ether See Small Gains, Lift Most Altcoins Up the Price Ladder

Photo Credit: Reuters

The valuation of the crypto sector stands at $1.19 trillion as of July 27

Highlights

Tether recorded gains
USD Coin, Cardano also recorded profits
Losses struck Ardor, Braintrust

Bitcoin showed a gain of 0.72 percent to trade at the price point of $29,370 (roughly Rs. 24 lakh) on Thursday. After days of being down on the crypto price chart, Bitcoin — the most expensive cryptocurrency — is beginning to show small gains. In the last 24 hours, the price point of BTC rose by $219 (roughly Rs. 17,946). The development comes just hours after the US hiked interest rates by 0.25 percent, taking its value to a 22-year high.

Ether recorded profits on Thursday, just like Bitcoin. With a gain of 1.07 percent, the value of ETH stands at $1,873 (roughly Rs. 1.53 lakh). In recent days, Ether has held firm ground in terms of keeping its price close to the mark of $2,000 (roughly Rs. 1.63 lakh) but has not been able to breach it.

A plethora of cryptocurrencies registered gains on Thursday. These include Tether, Ripple, Binance Coin, USD Coin, and Cardano.

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Furthermore, Solana, Tron, Polygon, Litecoin, and Polkadot also managed to rope in profits.

The overall crypto market valuation rose by 0.54 percent in the last 24 hours. At the time of writing, the market cap of the crypto sector stands at $1.19 trillion (roughly Rs. 97,51,276 crore), showed the data by CoinMarketCap.

The crypto fear and greed index, however, continues to remain in the neutral zone with a score of 51/100.

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Meanwhile, only a small number of cryptocurrencies reeled under losses on Thursday. After the initial excitement around Twitter's rebranding to ‘X' worn off, Dogecoin lost its momentous hike spree.

Leo, Cronos, Ardor, Braintrust, and Floki Inu also suffered losses.

"After the latest decision, the federal reserve has taken the rates to a 22-year high and is no longer expecting the United States to go into a recession. Though, it looks like the crypto market will only react positively when the Fed starts cutting the rates again - which should be mid of next year, coinciding with BTC halving," Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

In other news, DeFi's third largest protocol, MakerDAO (MKR, +9.2 percent), having $5.5 billion (roughly Rs. 45,108 crore) worth of total value locked, is considering increasing the savings rate of its stablecoin — DAI (+0.1 percent) to eight percent. If passed, it would be one of the highest in all DeFi protocols. MKR has been pumping on the development and is trading near its one-year high.

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Cryptocurrency Prices across Indian exchanges

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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