Bitcoin Recovers Beyond $20,000 While Ether, Major Altcoins See Bigger Gains on the Day

The global crypto market cap saw a rise of 4.3 percent in the last 24 hours

By Shomik Sen Bhattacharjee | Updated: 30 August 2022 11:27 IST

Bitcoin Recovers Beyond $20,000 While Ether, Major Altcoins See Bigger Gains on the Day

Photo Credit: Unsplash/ Kanchanara

Bitcoin started an upside correction, climbing above the $20,000 (roughly Rs. 15.97 lakh) resistance

Highlights

Bitcoin holds the fort beyond the $20,000 mark despite selling pressure
Ethereum price saw a quick uptick in buying pressure
Most altcoins saw a considerable upside to prices on the day

The struggle to generate momentum continued for Bitcoin as well as the wider cryptocurrency market on Monday as prices traded flat on the day with no major developments to give crypto traders a spurt in mood. That said, the value of Bitcoin has witnessed an improvement of 2.72 percent in the last 24 hours with its price continuing to move back beyond the $20,000 (roughly Rs. 15.97 lakh) mark across global exchanges, while Indian exchange CoinSwitch Kuber values BTC at $20,199 (roughly Rs. 16.13 lakh), 1.36 percent higher than yesterday.

On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $20,406 (roughly Rs. 16.3 lakh), while CoinGecko data shows that BTC's value is currently 4.4 percent lower than where it stood last Tuesday.

Ether on the other hand, has had a strong showing over the past day after witnessing a sudden influx of buying pressure after the recent sell-off. As things stand, Ether is valued at $1,535 (roughly Rs. 1.22 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,570 (roughly Rs. 1.25 lakh), where the cryptocurrency's value has gained 7.96 percent over the past 24 hours.

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Ether's showing over the week so far sees the cryptocurrency's value recover closer to where it was last week, although [CoinGecko data] (https://www.coingecko.com/en/coins/ethereum) suggests that there's still ground to make.

Gadgets 360's cryptocurrency price tracker reveals that most major altcoins marked major gains over the past day. The global crypto market capitalisation also witnessed a substantial 4.3 percent increase through late Monday and early Tuesday.

Cardano, Polygon, Polkadot, Uniswap, Cosmos, Solana, Monero, Cosmos, Avalanche, and BNB all saw a dip in value in the last 24 hours.

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Memecoins Shiba Inu and Dogecoin also followed most altcoins with gains. Dogecoin is currently valued at $0.07 (roughly Rs. 5.7) after gaining 2.01 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.001013 (roughly Rs. 0.001013), up 5.99 percent over the past day.

"It's clear that longer-term holders at the retail level are also accumulating, the number of wallets holding relatively small amounts of Bitcoin is indeed growing," said Jay Fraser, head of strategy at BSTX securities exchange speaking to Reuters.

"Don't underestimate the impact of the retail HODLers," Fraser added, referring to a cohort whose name emerged years ago from a trader misspelling "hold" on an online forum. "Their lack of selling helps to create more scarcity so that, eventually, a supply shock for Bitcoin will again play out."

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Cryptocurrency Prices across Indian exchanges

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