Closer to Christmas, the crypto market seems to be moving towards a quick recovery after days of constant dips. With a gain of 0.80 percent, Bitcoin is trading at $51,484 (roughly Rs. 38.8 lakh) per token on Indian exchange CoinSwitch Kuber. In recent days, Bitcoin's low-laying values have been hovering around the mark of $50,000 (roughly Rs. 37.7 lakh) in India. On international exchanges such as CoinMarketCap, the world's oldest cryptocurrency is valued at $ 49,255 (roughly Rs. 37.2 lakh).
Majority altcoins including Cardano, Ripple, Dogecoin, Shiba Inu, and Polygon among others also registered significant gains ahead of the festival.
Ether on the other hand, ended up on the negative side of the market fluctuation. As per Gadgets 360's crypto price tracker, the second-most valued cryptocurrency is trading at $4,230 (roughly Rs. 3 lakh) per token. Ether registered a minor loss of 0.47 percent to stay around $4,000 (roughly Rs. 3 lakh).
Only a bunch of cryptocurrencies including Tether, USD Coin, and Bitcoin SV stood with Ether on the dipped end of the scale.
The changes in the market sentiment come in the backdrop of digital asset funds hitting a record $142 million (roughly Rs. 1,073 crore) in outflows. Due to a rather flat market momentum in recent days, the investor confidence on the crypto market had lowered.
“As a nascent industry carving the future of finance and innovation, crypto's current muted trading activity is not an indication of the industry's lack thereof but a sign of the maturing sector,” Indian exchange CoinDCX told Gadgets 360.
On a global level, crypto-related firms collectively raised more than $30 billion (roughly Rs. 2,27,617 crore) from venture capital firms in 2021, making it the highest collection so far. In 2018, the same number was $8 billion (roughly Rs. 60,704 crore).
The crypto space also seems to be expanding in India now that the proposal to ban private cryptocurrencies has been withheld from reaching the Parliament for now.
Indian exchanges like CoinSwitch Kuber and UnoCoin have added more crypto assets and features on their platforms to rope in more investors.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.