Bitcoin Manages to Reclaim $30,000 Territory as Altcoins Try and Reverse Mid-Week Losses

The global crypto market cap has moved up by 2.1 percent in the last 24 hours.

By Shomik Sen Bhattacharjee | Updated: 3 June 2022 15:10 IST

Bitcoin Manages to Reclaim $30,000 Territory as Altcoins Try and Reverse Mid-Week Losses

Photo Credit: Unsplash/ Kanchanara

Cryptos were largely in the green on Thursday, although trading was choppy

Highlights

Bitcoin reclaimed the $30,000 price mark
Ether has continued to stick around the $1,800 price territory
Monero recorded losses on Thursday after a strong rally through the week

Having slid below the $30,000 (roughly Rs. 23.5 lakh) mark mid-week, Bitcoin bulls managed to push BTC beyond the psychologically important mark yet again on Thursday, although not by much. The price of the largest cryptocurrency by market capitalisation has moved up by roughly 2 percent over the past day with figures continuing to climb early into Friday. In numerical terms, BTC is currently around the $30,500 (roughly Rs. 23.7 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $32,132 (roughly Rs. 25 lakh), up by 1.37 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $30,467 (roughly Rs. 23 lakh), at the time of writing, up by 2.13 percent in value over the past 24 hours. As per CoinGecko data, BTC's value continues to fare better than where it stood last week, up 4.1 percent week-to-day.

While Bitcoin continues to hold its ground in terms of value, Ether hasn't been able to hold down the fort so well. The second most popular cryptocurrency began the week well but hasn't been able to sustain the surge for too long. At the time of publishing, Ether is valued at $1,923 (roughly Rs. 1.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,820 (roughly Rs. 1.4 lakh), where the cryptocurrency has moved up by 0.17 percent over the past 24 hours.

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Despite Ether's steep dips over several key sessions through the week the cryptocurrency's value has moved up by 1 percent over last week's value, as per CoinGecko data.

Gadgets 360's cryptocurrency price tracker reveals a bit of a mixed state of affairs for key altcoins — as the global crypto market capitalisation went up by 2.1 percent in the last 24 hours. Solana, Polygon, Avalanche, Litecoin, Uniswap, and Chainlink all saw minor gains, while Monero fell off its green streak to record a 4.6 percent dip.

Memecoins Shiba Inu and Dogecoin saw little to no movement over the day, although the week has been a good one for both crypto assets. Dogecoin is currently valued at $0.08 (roughly Rs. 7) after falling by 0.8 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000012 (roughly Rs. 0.000012), up by 0.89 percent over the past day.

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"In yet another sign of growing governmental receptivity towards the adoption of blockchain technology and crypto, the Monetary Authority of Singapore (MAS) recently launched Project Guardian, a blockchain-based digital assets trial that will use tokenisation. With regulated financial institutions such as JP Morgan, DBS Bank and Marketnode, the SGX joint venture for bonds leading the pilot, this also serves as an example of how public-private partnerships are increasingly becoming a prominent method for delivering key public services and solutions. Digital assets are here to stay — companies and legislations that can establish an approach early will be the ones that will differentiate themselves and shape the future of finance," the research team at CoinDCX tells Gadgets 360.

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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