Bitcoin Price Rise Continues, Most Altcoins Recover After Brief Slump

Bitcoin is trading at $65,965 (roughly Rs. 55 lakh) on international exchanges, up from $59,304 (roughly Rs. 49.5 lakh) on July 7.

Written by Radhika Parashar, Edited by David Delima | Updated: 17 July 2024 12:09 IST

Bitcoin Price Rise Continues, Most Altcoins Recover After Brief Slump

Photo Credit: Pixabay/ WorldSpectrum

The present valuation of the crypto market stands at $2.41 trillion as of July 17

Highlights

Binance Coin, Solana prices increased on Wednesday
Both Avalanche and Polygon also grew in value
Altcoins like Leo, Uniswap are now cheaper on exchanges

Bitcoin price in India and global markets continues to rise, raising the value of the world's most valuable and widely used digital asset. As a result, Bitcoin, which was trading at $59,304 (roughly Rs. 49.5 lakh) as of July 7, has risen to $65,965 (roughly Rs. 55 lakh) on international exchanges after a 10-day period. The value of Bitcoin has risen by over three percent over the past 24 hours. The asset is priced $68,433 (roughly Rs. 57 lakh) on Indian exchanges like WazirX, as according to the latest prices on Gadgets360's crypto price tracker on Wednesday.

“Even the news of Mt Gox moving 91,755 BTC worth 5.8 billion was unable to deeply impact the current relief rally BTC is showing. Spot bitcoin ETFs, meanwhile, have attracted over $16 billion of inflows since launching in January, with $300 million added early this week alone. The ETFs have seen consistent inflows even as bitcoin prices fluctuated, indicating strong investor demand for regulated bitcoin exposure,” the CoinSwitch Markets Desk told Gadgets360, detailing reasons for BTC's price spike this week.

Ether followed Bitcoin and rose in value on Wednesday. ETH price is currently $3,510 (roughly Rs. 2.9 lakh) on international exchanges like CoinMarketCap, after a 2.56 percent increase. On Indian exchanges, ETH is presently trading at $3,147 (roughly Rs. 2.6 lakh).

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Tether, Binance Coin, Solana, Ripple, Dogecoin, and Avalanche also saw their values rise, just like BTC and ETH.

“Altcoins like XRP (37 percent up) and Near Protocol (36.8 percent up) are leading the charge, fueling overall crypto optimism. Historically, July outperforms June for Bitcoin, and this year seems to follow suit despite recent challenges,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.

The overall crypto market cap rose by 1.73 percent in the last 24 hours to reach the valuation of $2.41 trillion, as per CoinMarketCap.

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However, some cryptocurrencies saw their prices fall over the past 24 hours, including Cardano, Tron, Shiba Inu, Polkadot, and Chainlink. “Volatility has significantly increased and is expected to remain high this week,” the CoinDCX maret desk told Gadgets360.

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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