Profits Return to BTC, ETH; Market Cap of Crypto Sector Exceeds $1 Trillion

As per Binance and CoinMarketCap BTC has opened trading today at around $23,317 (roughly Rs. 18.66 lakh) with a price hike of around five percent.

By Radhika Parashar | Updated: 20 July 2022 10:38 IST

Profits Return to BTC, ETH; Market Cap of Crypto Sector Exceeds $1 Trillion

Photo Credit: Pexels/ Worldspectrum

The current market valuation of the crypto sector stands at $1.061 trillion

Highlights

The overall crypto market has grown with majority coins seeing gains
After weeks, BTC has come close to costing almost $24,000
Even DOGE and SHIB saw substantial magnitudes of gains

Majority cryptocurrencies opened with gains on Wednesday, July 20, giving the crypto price charts a healthy glow of green. With profits of 6.10 percent, BTC swelled up in value to touch the rate of $23,917 (roughly Rs. 19 lakh), as per Indian exchange CoinSwitch Kuber. The oldest cryptocurrency in the world is also seeing gains on international exchanges. As per Binance and CoinMarketCap for instance, BTC has opened trading today at around $23,317 (roughly Rs. 18.66 lakh) with a price hike of around five percent. This is the first time in months that BTC has come close to costing almost $24,000 (roughly Rs. 19.18 lakh).

Slightly smaller than Bitcoin's, but gains also came to Ether as the altcoin grew in value by 3.80 percent. As per Gadgets 360's crypto price tracker, ETH's current value stands at $1,610 (roughly Rs. 1.28 lakh).

All popular stablecoins including Tether, USD Coin, and Binance USD saw gains.

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Cardano Ripple, Solana, Polkadot, and Polygon also emerged among gainers today.

In fact, even Dogecoin and Shiba Inu grew by over five percent and six percent respectively.

Currently, DOGE is trading at $0.071 (roughly Rs. 5.70) and SHIB is priced $0.000013 (roughly Rs. 0.001006).

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While most altcoins are clearly on the route to recovery from the recent market slump, Terra has failed to break out of its crashed frame. Terra's LUNA token has been seeing more losses than gains.

Among a small number of loss-making cryptocurrencies, SushiSwap, DogeFi, Bitcoin Hedge, and Underdog marked their respective presence.

After weeks, the market cap of the crypto sector has finally exceeded the trillion-dollar mark. Currently, the market valuation of the crypto sector stands at $1.061 trillion (roughly Rs. 84,88,445 crore).

In other related development, the price of ApeCoin has been showing persistent growth after Yuga Labs' Bored Ape Yacht Club (BAYC) opened its Otherside metaverse for business and invited 4,300 “Voyagers” who had bought ‘Otherdeeds' (digital land deeds) for a first-look tech demo and tour last Saturday.

Noise co-founder Amit Khatri joins Orbital, the Gadgets 360 podcast, for a special episode. 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: Bitcoin, Ether, Cardano, Ripple, Polkadot, Polygon, Cryptocurrency, Stablecoin, Tether, Binance USD, USD Coin, Dogecoin, Shiba Inu, Dogefi, Terra, SushiSwap, Bitcoin Hedge, Underdog, Solana

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