After a consistently strong showing this week, Bitcoin, the world's most valuable cryptocurrency saw yet another day in the green, rising by 3.8 percent. Rallying past the $50,000 mark for the first time in four weeks on Tuesday, the cryptocurrency is currently trading at Rs. 39,58,447 (roughly $53040). Having shot past the psychological barrier of $50,000, sentiments suggested a good week ahead for the most popular cryptocurrency in the world and that seems to be the case so far.
There is a fair share of green markers populating the Gadgets360's cryptocurrency price tracker, with Ether making the list of gainers. With a rather minor climb of 0.84 percent on Tuesday, the second most-valued cryptocurrency saw a more substantial climb of 3.25 percent at Rs. 2,69,363 (roughly $3,609). For the blanket ban on crypto-trading in China, the Ethereum-based coin has seen fluctuation over the past ten days but after a good start to the week, things are looking on the up.
Popular altcoin Dogecoin has had a terrific week thus far with gains in double digits on Tuesday. Wednesday's values don't match up to that but the memecoin still makes it to the list of top gainers for the day with a 6.25 percent rise in value, shooting up to Rs. 19.66 (roughly $0.26). Elon Musk happens to be the driving force here again after he tweeted a picture of a Shiba Inu on Monday. Tether, Ripple, Cardano and Litecoin all saw marginal gains.
The cryptocurrency market has seen a decent climb since the beginning of the month and the relative strength index indicator points at gains for most decentralised finance DeFi tokens too.
India, a country that ranks second on the Global Crypto Adoption Index as per Chainalysis, 42 percent of the crypto transactions are hefty and institutional-sized, usually amounting to over $10 million (roughly Rs. 74 crores) pointing towards a large market.
The market research firm also claims that cryptocurrency has begun seeing grassroots level adoption in Central and Southern Asia, and Oceania (CSAO) countries, fuelling the rapid expansion of the emerging digital financing space.
NFT sales volumes meanwhile surged to $10.7 billion (roughly Rs. 79,820 crores) in the third quarter of 2021, which is a massive eight times more than the previous quarter, claims market tracker DappRadar, fuelling a rise in the use of blockchain.
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.