Bitcoin Springs Above $28,000 Overnight, Most Cryptocurrencies Reel in Gains

Bitcoin rose by $361 (roughly Rs. 29,849) in the last 24 hours, taking its value to $28,136 (roughly Rs. 23 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 22 March 2023 12:00 IST

Bitcoin Springs Above $28,000 Overnight, Most Cryptocurrencies Reel in Gains

Photo Credit: Pexels/ Rodnae Productions

The overall crypto market cap, on Wednesday, stood at $1.19 trillion

Highlights

Polkadot saw gains
Litecoin, Avalanche recorded profits
Solana saw losses

Bitcoin, on Wednesday, reflected its highest value in around nine months. The oldest cryptocurrency sprung to the price point of $28,136 (roughly Rs. 23 lakh) overnight — its highest recorded value since June 2022. Bitcoin's spiked price remains the same on both national and international exchanges. In the last 24 hours, the most expensive cryptocurrency rose by $361 (roughly Rs. 29,849) in value. In the last nine days, BTC has surged by 42 percent.

Ether minted a profit of 3.35 percent on Wednesday. Its value, at the time of writing, stood at $1,802 (roughly Rs. 1.4 lakh), up by $51 (roughly Rs. 4,216) in the last 24 hours.

Stablecoins Tether, USD Coin, Ripple, Binance USD — joined BTC and ETH in reeling in small but significant price hikes.

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Dogecoin and Shiba Inu — with profits — joined Cardano, Polkadot, Polygon, Tron, Litecoin, and Avalanche in rising in values.

The overall crypto market valuation increased by 2.50 percent over the last day. As of Wednesday, the crypto market cap stood at $1.19 trillion (roughly Rs. 98,09,363 crore) as per CoinMarketCap.

Industry experts have, however, advised people to be cautious about investing.

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“The Federal Reserve has launched a new financing facility known as the Bank Term Funding Program (BTFP), which allows banks to deposit government debt as security in exchange for a loan of 100 percent of its face value, which has sparked excitement in the cryptocurrency market,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360. “However, the surge has led to a new wave of liquidity experts on Twitter, blurring the line between disinformation and nuance and creating a mix of hope, distrust, and confusion.”

Only a small number of cryptocurrencies settled with losses today.

These include Solana, Neo Coin, Baby Doge Coin, Braintrust, and Ardor.

“The US FOMC monetary policy meeting is soon approaching, the aim of which is to determine whether or not to raise interest rates once more. The general expectation among investors and traders is that interest rate hikes will occur at a more gradual pace of 25 basis points. This follows an announcement by the US that it intends to investigate methods for ensuring that client deposits are safeguarded at struggling banks following a recent crisis. The market is expected to experience some volatility due to the FED's decision,” Edul Patel, CEO and Co-Founder of Mudrex, told Gadgets 360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency Bitcoin, Ether, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash

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