BTC, ETH Rally With Gains, Profits Catapult Most Cryptocurrencies Into Recovery

The value of Bitcoin, at the time of writing, stood at $22,100 (roughly Rs. 18.3 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 15 February 2023 11:12 IST

BTC, ETH Rally With Gains, Profits Catapult Most Cryptocurrencies Into Recovery

Photo Credit: Pixabay/ WorldSpectrum

The crypto market cap stood at $1.03 trillion at the time of writing

Highlights

Baby Dogecoin registered losses
DOGE, SHIB saw gains
Gas, Status recorded value dips

Most cryptocurrencies registered profits on Wednesday, February 15, after surviving days of market turbulence. Bitcoin grew by 2.18 percent on both, national as well as international exchanges. The value of Bitcoin, at the time of writing, stood at $22,100 (roughly Rs. 18.3 lakh). In the last 24 hours, the value of BTC spiked by $395 (roughly Rs. 32,732). The oldest and the most valued cryptocurrency's prices often sets the course for other altcoins and their values on the price chart.

Ether followed Bitcoin to reel-in gains. ETH is trading at $1,548 (roughly Rs. 1.28 lakh) with a 3.55 percent spike in its value, showed the crypto price tracker by Gadgets 360.

Stablecoins Tether, USD Coin, Ripple, and Binance USD along with memecoins Shiba Inu and Dogecoin — all bagged small profits.

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The values of Polygon, Polkadot, Solana, Litecoin, and Tron also spiked overnight.

The overall crypto market valuation rose by 2.44 percent in the last 24 hours. At the time of writing, the crypto market cap stood at $1.03 trillion (roughly Rs. 85,04,684 crore), as per CoinMarketCap.

“With the very important data coming up today, the US Consumer Price Index (CPI) [Inflation Data], all eyes have moved to this event that will give more clarity towards macro-economic developments and directions for the crypto markets,” the CoinDCX Research team told Gadgets 360.

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“Economists of the wall street are forecasting that Jan '22 to Jan '23 inflation will be lower and it would be 6.2 percent. If that happens and the annual inflation shows a decrease, we would be able to say that the US' interest rate hikes seem to be working on shrinking the possibility of economic recession. This will bring fresh liquidity in the markets and we could see the total crypto market capitalisation to grow in the coming weeks.”

Meanwhile, a small number of altcoins did meet with losses on Wednesday. These include Dash, Baby Dogecoin, Gas, and Status.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Ripple, Binance USD, USD Coin, Cardano, Solana, Polygon, Polkadot, Litecoin, Avalanche, Cosmos, Chainlink, Shiba Inu, Dogecoin, Leo, Bitcoin Cash, Aave, 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