Bitcoin Price Rises to $21,075, Highest Value in Months; Ethereum and Most Altcoins Follow Suit

Bitcoin was valued at $21,075 (roughly Rs. 17 lakh) on Monday, the cryptocurrency's highest price since November last year.

Written by Radhika Parashar, Edited by David Delima | Updated: 16 January 2023 12:05 IST

Bitcoin Price Rises to $21,075, Highest Value in Months; Ethereum and Most Altcoins Follow Suit

Photo Credit: Unsplash/ Olieman.eth

The global crypto market cap currently stands at $994.80 billion

Highlights

Stablecoins like Ripple, Binance USD saw gains on Monday
Tether and Wrapped Bitcoin recorded losses
Zcash also saw a drop in its value

Bitcoin on Monday recorded its highest price for the year so far, as the price of the world's most popular cryptocurrency stood at $21,075 (roughly Rs. 17 lakh). The most widely used cryptocurrency recorded a profit of around two percent on both, national and international exchanges. Over the weekend, BTC swelled to its highest price in the last three months by $2,308 (roughly Rs. 1.8 lakh). Stablecoins and memecoins also recorded notable profits over the past 24 hours. However, some altcoins saw their value fall on Monday.

Ethereum followed Bitcoin on the profit trail. With a growth of 2.64 percent, ETH prices touched $1,566 (roughly Rs. 1.27 lakh) after weeks of facing market resistance. ETH prices spiked by $160 (roughly Rs. 13,008) in the last three days.

Other altcoins saw their values rise on Monday, including Binance Coin, Cardano, Polygon, Solana, and Polkadot.

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Meanwhile stablecoins such as USD Coin, Ripple, andBinance USD also recorded profits today.

Both memecoins Shiba Inu and Dogecoin also opened trading with minor, but significant profits.

Speaking to Gadgets 360, Edul Patel, the CEO of crypto investment platform Mudrex spelled changes in the global market segment, that contributed to cryptocurrencies witnessing a string of losses and recording profits.

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“The gains came after a report on consumer prices showed a decline in January inflation numbers last week. This price movement is seen as a sign of recovery and is expected to continue. The Federal Reserve is also likely to reduce interest rate increases,” Patel said.

The overall crypto market valuation grew by 2.04 percent in the last 24 hours. It had hovered close to the mark of $810 billion (roughly Rs. 65,90,038 crore) in the beginning of 2023, now stands at $994.80 billion (roughly Rs. 80,87,034 crore), as per CoinMarketCap.

Meanwhile, only ten cryptocurrencies reflected losses on Gadgets 360's crypto price tacker today.

With very small dips, Tether, Wrapped Bitcoin, Monero, Cronos, and Zcash remained on the loss-making side of the price charts.

The volatility of the crypto sector has been a matter of concern for several nations. Countries like India, the UK, and the US are working on formulating such laws, that make the market more stable.

India, that will get its annual budget for this year in February, has been expecting guidelines around engaging with the crypto sector for over a year now.

Ahead of the budget announcement however, RBI governor Shaktikanta Das has equated investing in the crypto sector next to gambling.

"Every asset, every financial product has to have some underlying (value) but in the case of crypto there is no underlying and the increase in the market price of cryptos, is based on make-believe. So anything without any underlying, whose value is dependent entirely on make-believe, is nothing but 100 per cent speculation or to put it very bluntly, it is gambling," said Das, while backing a ban on the crypto sector.

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.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Cardano, Polygon, Litecoin, Solana, Polkadot, Tron, Avalanche, Cosmos, Wrapped Bitcoin, Dogecoin, Shiba Inu, Tether, USD Coin, Binance USD, Cronos, Zcash, Monero

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