Crypto Price Today: Bitcoin Price Breaches $26,000 Mark, Small Profits Grace Most Altcoins

Bitcoin is trading at the price point of $26,230 (roughly Rs. 21.8 lakh) after reeling in a gain of 1.61 percent on Friday, September 8.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 8 September 2023 11:45 IST

Crypto Price Today: Bitcoin Price Breaches $26,000 Mark, Small Profits Grace Most Altcoins

Photo Credit: Pixabay/ WorldSpectrum

The crypto market valuation as of September 8 stands at $1.05 trillion

Highlights

Leo, Stellar recorded gains
Monero, Binance USD also saw minor profits
Neo Coin saw losses

Bitcoin on Friday, September 8 registered a small profit of 1.61 percent to trade at the price point of $26,230 (roughly Rs. 21.8 lakh). This marks the first time this week that the most expensive cryptocurrency has managed to breach the mark of $26,000 (roughly Rs. 21.6 lakh). Up until now, on most days, BTC had been trading round the value of $25,000 (roughly Rs. 20.7 lakh). As per industry analysts, the investor sentiment seems to have been slightly boosted after news about JPMorgan Chase & Co. exploring a blockchain-based payment and settlement system. It comes across as a sign that companies are still building in the ongoing bear phase.

Ethereum rose by 0.52 percent to trade at the price point of $1,647 (roughly Rs. 1.37 lakh). In the last 24 hours, the value of ETH went up by $15 (roughly Rs. 1,247).

Along with JPMorgan's blockchain exploration, other factors are also in favour of the crypto sector.

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“This positive price movement could be because of a paper published yesterday by the IMF and the G20's Financial Stability Board. The paper pointed out that a blanket ban on crypto would not be effective long-term and recommended targeted restrictions and comprehensive monetary policy instead,” Edul Patel, the CEO and co-founder of Mudrex told Gadgets 360.

This paper essentially underlines the importance of a global regulatory and recommends targeted restrictions and sound monetary policy instead.

Among cryptocurrencies that reeled in profits today, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, Solana, and Polkadot made their marks.

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Other cryptocurrencies to have seen gains today include Litecoin, Bitcoin Cash, Avalanche, Stellar, Monero, Binance USD, Cosmos, and Cronos.

Over the last 24 hours, the overall crypto market valuation rose by 1.15 percent to touch the capitalisation point of $1.05 trillion (roughly Rs. 87,32,986 crore), as per CoinMarketCap.

The fear and greed index also jumped five points since yesterday and is currently in the fear zone with a score of 46/100.

Meanwhile, losses also struck some cryptocurrencies on Friday including Polygon, Shiba Inu, Chainlink, Uniswap, and Qtum.

The next three days could be crucial for the global crypto market now that the G20 leaders are heading to Delhi today, to attend the G20 meetings. India, as the G20 president, has been working on making crypto rules that would work on an international level. Key updates about the same are expected in the coming days.

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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