BTC, ETH Add More Gains to Heightened Values, Most Cryptocurrencies Rally

Bitcoin, the oldest cryptocurrency, opened trading at a price point of $23,812 (roughly Rs. 19 lakh) after witnessing value hike of nearly seven percent.

By Radhika Parashar | Updated: 28 July 2022 10:43 IST

BTC, ETH Add More Gains to Heightened Values, Most Cryptocurrencies Rally

Photo Credit: Reuters

Crypto sector valuation presently stands at $1.060 trillion (roughly Rs. 84,56,922 crore)

Highlights

DOGE, SHIB saw gains
Avalanche and Litecoin also reel-in profits
Tether opened with losses

Several cryptocurrencies stepped-in with a green glimmer into the trade arena on Thursday, July 28. Bitcoin, the oldest cryptocurrency, opened trading at a price point of $23,812 (roughly Rs. 19 lakh). As per Indian exchange CoinSwitch Kuber, BTC value hiked by 6.40 percent to reach its current position. On global exchanges, BTC surprisingly saw even bigger profits of up to ten percent. As per Binance and CoinMarketCap for instance, BTC has grown to the price of $23,146 (roughly Rs. 18.40 lakh). Up until June, BTC prices were hovering around the mark of $19,000 (roughly Rs. 15 lakh).

Profits of over nine percent also poured into the kitty of Ether today. As per Gadgets 360's crypto price tracker, ETH is currently trading at $1,687 (roughly Rs. 1.35 lakh).

Binance Coin, Ripple, Cardano, Solana, and Polkadot reeled-in profits alongside ETH and BTC.

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Gains also ticked on the boxes against Dogecoin, Shiba Inu, Avalanche, Uniswap, Litecoin, and Chainlink among others.

Except for Tether, USD Coin, and Flex that saw losses, all other popular cryptocurrencies registered price hikes today.

After a brief slip, the overall valuation of the crypto market has again exceeded the trillion-dollar mark pumping by 1.38 percent.

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At present, the market cap of the crypto industry stands at $1.060 trillion (roughly Rs. 84,56,922 crore) according to CoinMarketCap.

The digital assets sector continues to see traces of adoption despite the market volatility.

The US Senate, for instance, is considering tax exemption on crypto transactions valuing less than $50 (roughly Rs. 4,000). A new bill pushing for this change has been extended for approval. The bill aims to drive the day-to-day use of crypto assets as payment modes for compatible brands and outlets.

Fintech brands like Singapore's Fomo Pay are also looking to harness the might of cryptocurrencies to sharpen their instant cross-border online payment services.

Fomo Pay has teamed up with Ripple to be able to extend Ripple's On-Demand Liquidity (ODL) feature for its users to facilitate quick and cost-efficient oversees payments.

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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.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Ripple, Cardano, Solana, Dogecoin, Shiba Inu, Avalanche, Uniswap, Litecoin, Chainlink, Tether, USD Coin Flex

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