BTC Touches $17,000 With Minor Gains; ETH, DOGE, SHIB Follow Suit

With small gains of 1.39 percent, Bitcoin opened trading today at the price point of $17,221 (roughly Rs. 13.99 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 5 December 2022 10:49 IST

BTC Touches $17,000 With Minor Gains; ETH, DOGE, SHIB Follow Suit

Photo Credit: Unsplash/ Jonathan Borba

The current valuation of the crypto market stands at $864 billion

Highlights

Chainlink, Leo saw profits
Tether, Binance USD saw losses
Polkadot, Polygon saw gains

The crypto price charts sparkled in greens on Monday, December 5, with more coins registering profits than losses. With small gains of 1.39 percent, Bitcoin opened trading today at the price point of $17,221 (roughly Rs. 13.99 lakh). Similarly microscopic gains also added small values to BTC prices on international exchanges. As reflected on Coinbase, CoinMarketCap, and Binance among other foreign exchanges, BTC gained as much as two percent to maintain its price over the mark of $17,000 (roughly Rs. 13.80) internationally as well.

Ether registered slightly bigger profits than BTC. With a price hike of 2.30 percent, ETH is currently trading at $1,288 (roughly Rs. 1.04 lakh).

Among other cryptocurrencies that stepped into the second week of December with gains, Dogecoin and Shiba Inu joined Binance Coin, Cardano, Polygon, Polkadot, and Litecoin.

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Gains also came to Solana, Uniswap, Avalanche, Chainlink, and Leo.

The overall crypto market grew by 1.40 percent in the last 24 hours to attain the valuation of $864 billion (roughly Rs. 70,25,994 crore).

“The broader crypto market has improved over the past week as most cryptocurrencies traded in the green, wiping their weekly losses. With more clarity emerging on the extent of damage caused by FTX's collapse, the crypto market may recover and pick up the stream. Until then, the bullish price action might be limited,” Edul Patel, the CEO and co-founder of Mudrex told Gadgets 360.

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Only a small number of cryptocurrencies settled with losses today.

They include stablecoins such as Tether, USD Coin, Binance USD, and Ripple.

Tron, Monero, Bitcoin Cash, and Elrond also netted losses.

The crypto market, despite constant ups and downs, has continued to show growth.

Many nations around the world are now drafting laws to regulate crypto and make the sector safer for investors to experiment in.

Italy, for instance, has recently proposed to levy a 26 percent tax on crypto profits exceeding over $2,000 (roughly Rs. 1.62 lakh) in a crypto-focussed bill, that is in line to get approvals from higher Italian authorities.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Dogecoin, Shiba Inu, Binance Coin, Cardano, Polkadot, Polygon, Litecoin, Solana, Uniswap, Avalanche, Chainlink, Leo, Tether, USD Coin, Binance USD, Ripple, Tron, Monero, Bitcoin Cash, Elrond

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