Bitcoin Regains $30,000 Territory as Ether and Most Altcoin Show Strong Upside Over the Weekend

The global crypto market cap has risen by 2.7 percent in the last 24 hours.

By Shomik Sen Bhattacharjee | Updated: 23 May 2022 12:08 IST

Bitcoin Regains $30,000 Territory as Ether and Most Altcoin Show Strong Upside Over the Weekend

Photo Credit: Unsplash/ Michael Förtsch

Bitcoin returned to $30,000 (roughly Rs. 23.5 lakh) on Bitcoin Pizza Day

Highlights

Bitcoin has moved beyond $30,000 mark after a positive weekend
Ether's value has moved above $2,000 mark across global exchanges
Most altcoins marked gains following BTC, Ether's lead

After spending most of the weekend below the psychologically important $30,000 (roughly Rs. 23.5 lakh) mark, Bitcoin managed to register a strong bullish divergence early Monday as ardent fans of the cryptocurrency celebrated May 22 as Bitcoin Pizza Day. The price of the largest cryptocurrency by market capitalisation has been on the up through the weekend sitting right above the $30,100 (roughly Rs. 23.5 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values BTC at $31,645 (roughly Rs. 24.5 lakh), up by 2.81 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $30,103 (roughly Rs. 23.5 lakh) moving up by 2.46 percent in value over the past 24 hours. As per CoinGecko data, BTC's value is still below the point where it stood last week, down by 3.6 percent week-to-day.

Ether has also been on the rise through the weekend, followed by a positive start to early Monday. At the time of publishing, Ether is valued at $2,129 (roughly Rs. 1.65 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $2,027 (roughly Rs. 1.5 lakh), where the cryptocurrency has moved up by 2.76 percent over the past 24 hours.

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CoinGecko data reveals that the cryptocurrency's value is still a sizeable 5.3 percent behind prices a week ago.

Gadgets 360's cryptocurrency price tracker reveals that Bitcoin's positive momentum has had a positive impact on altcoins too — as the global crypto market cap moved up by 2.7 percent over the last day. BNB, Cardano, TRON, Avalanche, Polygon, Solana, Litecoin, and Uniswap have all marked gains over the past 24 hours.

Shiba Inu and Dogecoin have also moved up in value over the past day. Dogecoin is currently up to $0.09 (roughly Rs. 7) after gaining 1.61 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000013 (roughly Rs. 0.000972), up by 1.89 percent over the past day.

CoinSwitch Says India Must Resolve Regulatory Uncertainty, Boost Crypto

"In a recent statement from the G7, finance ministers from the world's seven largest developed economies are looking to speed up regulatory scrutiny in the wake of the recent developments. Despite the ongoing market uncertainty, regulation will serve to strengthen trust and adoption of digital assets, enabling more retail investors to have confidence in entering and trading in the sector. Just as traditional finance has been around for a long time to finesse its regulatory frameworks, only time and opportunities for open discussions will provide a greater understanding of the future of finance and guardrails to protect investors," the research team at CoinDCX tells Gadgets 360.

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Cryptocurrency Prices across Indian exchanges

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