Crypto Price Today: Bitcoin Finally Trades Above $27,000 Mark, Most Altcoins Recover From Losses

On Wednesday, August 30, Bitcoin reflected a substantial gain of 5.30 percent to trade at $27,496 (roughly Rs. 22.7 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 30 August 2023 11:44 IST

Crypto Price Today: Bitcoin Finally Trades Above $27,000 Mark, Most Altcoins Recover From Losses

Photo Credit: Unsplash/ Michael Förtsch

The crypto market cap stands at $1.09 trillion as of August 30

Highlights

Ripple, Tron recorded gains
Litecoin, Bitcoin Cash also reflected profits
Binance USD recorded a dip

Bitcoin, after weeks of trading at a stagnated price point of around $26,000 (roughly Rs. 21.5 lakh), finally has managed to break out of its resistance point. On Wednesday, Bitcoin reflected a substantial gain of 5.30 percent to trade at $27,496 (roughly Rs. 22.7 lakh). In the last 24 hours, the most expensive cryptocurrency jumped by $1,409 (roughly Rs. 1.16 lakh). As per experts, this price action for BTC has resulted from the liquidation of around $75 million (roughly Rs. 620 crore) across exchanges in short positions.

Ether price also rose notably by 3.81 percent stepping into Wednesday. At the time of writing, ETH was trading at $1,718 (roughly Rs. 1.41 lakh). The value of ETH rose by $65 (roughly Rs. 5,370) over the last day.

"This tremendous positive growth could be attributed to the US Court ruling with Grayscale in a lawsuit against the Securities and Exchange Commission about the company's application to convert the Grayscale Bitcoin Trust to an ETF. This development in the industry has resulted in positive sentiment among the market participants, driving the prices. With this ruling, we could likely see more giant companies applying for Bitcoin spot ETF licenses in the coming months," Edul Patel, CEO, Muder, told Gadgets 360.

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Profits raining over both top cryptocurrencies, BTC and ETH, often bring gains back to the crypto price chart.

Tether, Binance Coin, Ripple, Cardano, Dogecoin, Solana, Tron, and Polygon — all recorded profits on Wednesday.

Litecoin, Shiba Inu, Bitcoin Cash, Avalanche, Leo, Stellar, and Chainlink also reflected small gains.

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The overall crypto market valuation spiked by four percent in the last 24 hours to sit on the mark of $1.09 trillion (roughly Rs. 90,07,269 crore), showed CoinMarketCap.

The fear and greed index has jumped 10 points and has entered the neutral zone with the current score of 49/100.

"The crypto market has seen a positive price action in the last 24 hours. As per CoinGecko, global crypto market capitalisation added approx. $50 billion (roughly Rs. 4,13,758 crore)," Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

Meanwhile, only a pinch of altcoins recorded losses today. These include Binance USD and Braintrust.

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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