Bitcoin, Ether Manage Nominal Gains While Altcoins Fail to Build Momentum

Goldman Sachs issuing its first Bitcoin backed loan appears to have played the catalyst for BTC staying in the green.

By Shomik Sen Bhattacharjee | Updated: 29 April 2022 11:36 IST

Bitcoin, Ether Manage Nominal Gains While Altcoins Fail to Build Momentum

Photo Credit: Pexels/ Alesia Kozik

Bitcoin has been inching close to $40,000 (roughly Rs. 30.5 lakh) but hasn't moved beyond it just yet

Highlights

Bitcoin has managed to creep back into the $40,000 territory
Ether is inching closer to the $3,000 mark
Monero and Dogecoin posted gains on the day

Bitcoin has been on a bit of a positive surge over the past couple of days despite the wider crypto market seeing a rather mixed day of trade through Thursday and early Friday. In terms of value, Bitcoin's is inching closer to the $40,000 (roughly Rs. 30.5 lakh) mark across exchanges like CoinMarketCap, Coinbase and Binance. At the time of writing, the value of Bitcoin has moved up by 0.29 percent in the past 24 hours and stands at $41,861 (roughly Rs. 32 lakh) on Indian exchange CoinSwitch Kuber.

On global exchanges, the price of Bitcoin stands at $39,499 (roughly Rs. 30 lakh) rising by 0.2 percent in value over the past 24 hours. As per CoinGecko data, BTC has fallen by 2.7 percent in value week-to-day.

Ether also saw a bit of an improvement in value against the US dollar through Thursday. At the time of publishing, Ether is valued at $3,099 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $2,917 (roughly Rs. 2.2 lakh), where the coin has gained 0.80 percent over the past 24 hours.

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CoinGecko data reveals that the cryptocurrency's value is still in the red week-to-day at a 2.3 percent, a figure that looked far worse towards the beginning of the week.

Although Bitcoin and Ether price movements have a tendency to dictate how most altcoins perform, that isn't quite the case today as Gadgets 360's cryptocurrency price tracker reveals that most of the better-known altcoins saw red with only a few cryptocurrencies breaking out of that mould. Terra, Polkadot, Polygon, Cardano, and Avalanche have all dropped in value while Monero, Litecoin, and Binance Coin posted gains.

Shiba Inu and Dogecoin, have also had a mixed day of trade with Dogecoin moving up to $0.15 (roughly Rs. 11.5) after gaining 1.66 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000025 (roughly Rs. 0.002), down by 0.9 percent over the past day.

Goldman Sachs Issues First Bitcoin-Backed Loan in History

"In yet another positive development of Wall Street's further venture into the digital assets space, Goldman Sachs recently offered its first Bitcoin-backed loan, permitting the borrower to take a cash loan using Bitcoin as collateral. This comes hot on the heels of Apollo's latest hire of former JPMorgan executive Christine Moy to spearhead the private equity investment behemoth's digital assets division," the research team at CoinDCX tells Gadgets 360.

While Goldman Sachs made their move, Dubai-based real estate developer Damac Properties has decided to accept payments in the form of cryptocurrencies. Bitcoin and Ether, the top two cryptos in-terms of valuation, have been declared as accepted payment modes for property purchases. The company aims to be on the forefront of “revolutionising the future of real estate” while also adding more options of payments for customers.

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Cryptocurrency Prices across Indian exchanges

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