Bitcoin Clings to $21,000 While Polygon and Avalanche See Major Gains

The global crypto market cap saw a rise of 3.61 percent in the last 24 hours.

Bitcoin Clings to $21,000 While Polygon and Avalanche See Major Gains

Photo Credit: Unsplash/ Viktor Forgacs

Bitcoin continues to hover around $21,000 (roughly Rs. 16.5 lakh) after recovering from the recent dump

Highlights
  • Bitcoin continues to carefully hover around the $21,000 mark
  • Ether has moved beyond the $1,100 mark
  • Polygon topped the list of gainers for altcoins on the day

Bitcoin and the wider crypto market hasn't seen a massive jump in value over the past 24 hours, but things have been on the up overall with the global crypto market capitalisation rising day-on-day by a healthy percentage. As things stand, the price of the world largest cryptocurrency by market value is hovering around the $21,000 (roughly Rs. 16.5 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $22,175 (roughly Rs. 17.3 lakh), up by 2.96 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $21,035 (roughly Rs. 16.5 lakh) while CoinGecko data shows that BTC's value is currently in the green by 3.1 percent week-to-day.

While Bitcoin continues to hover around the $21,000 (roughly Rs. 15.5 lakh) mark, Ether managed some gains too. At the time of publishing, Ether is valued at $1,209 (roughly Rs. 95,000) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,146 (roughly Rs. 90,000), where the cryptocurrency has moved up by 5.75 percent over the past 24 hours.

Ether's price movement over the past 24 hours sees the cryptocurrency's value switch to green by nearly 8 percent when compared to last week's value, as per CoinGecko data.

Gadgets 360's cryptocurrency price tracker reveals that most major altcoins saw substantial gains over the past day — as the global crypto market capitalisation saw a rise of 3.61 percent in the last 24 hours. BNB, Polkadot, Avalanche, Solana, and Chainlink all marked gains, while Polygon topped the gainers chart adding more than 20 percent in value.

Memecoins Shiba Inu and Dogecoin have had a good run this week and have continued to add more value. Dogecoin is currently valued at $0.06 (roughly Rs. 5.4) after gaining more than 1.9 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000011 (roughly Rs. 0.000849), up by 1.43 percent over the past day.

"Markets trended lower in the early session of trading before eventually paring losses. The continuation of risk-off appetite follows the Fed's acknowledgment that a recession is 'certainly a possibility', and that a soft landing is 'very challenging'. The next couple of months will likely see continued weakness in the markets as we expect investors to take a more cautionary stance in the management of their portfolios.," the research team at CoinDCX tells Gadgets 360.


Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency Prices across Indian exchanges

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Shomik Sen Bhattacharjee
Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at ShomikB@ndtv.com. More
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