Following over a week of major market instability stirred by China's ban on crypto activities, the value of Bitcoin on Tuesday rose by 4.35 percent. The world's most-valued cryptocurrency is currently trading at Rs. 38,15,086 (roughly $51,160). This is the first time since August 22, 2021 that Bitcoin has been able to cross the $50,000 mark. The cryptocurrency had started to show positive recovery results at the beginning of this week itself. On Monday, October 4, Bitcoin opened trading at Rs. 36,53,453 (roughly $49,285) — representing an overall rise in its exchange value after it was priced around Rs. 34,23,691 (roughly $46,082) on Friday, October 1.
As greens dominated most of Gadget 360's cryptocurrency price tracker, Ether also flaunted gains. With a marginal value increase of 0.84 percent, the world's second most-valued cryptocurrency opened trading at Rs. 2,61,161 (roughly $3,502). The Ethereum blockchain-based cryptocurrency also fell prey to the market instability and registered more losses than gains last week. A day ago, for instance, Ether had witnessed a 2.16 percent drop in value.
Meme-based cryptocurrency, Dogecoin opened with a significant price hike of 11.19 percent. Its value has now shot up to Rs. 18.60 (roughly $0.25).
Cardano, Tether, and Ripple are among other popular cryptocurrencies to beef up in values.
“The new week began with a bullish momentum for the cryptocurrency market. Over the past 24 hours, most of the top cryptos had a stable session. With the total traded volumes shooting steadily higher, stability is definitely a positive sign for the market,” Edul Patel, CEO and Co-founder of crypto-investment platform Mudrex told Gadgets 360.
As per former NSA whistleblower Edward Snowden, China's ban on crypto-activities ended up making Bitcoin stronger. Bitcoin-supporters had remained hopeful that the cryptocurrency will recover soon following China's crypto-crackdown – and they have been proven right by current statistics.
Meanwhile, Bitcoin has been met with warmth by many parts of the world in recent times.
Earlier in September, the central American country of El Salvador made Bitcoin a legal tender alongside the US Dollar — which is the country's official currency.
US' Miami town also released its first native crypto coin called the “MiamiCoin” — based on Bitcoin technology.
Authorities of El Salvador and Miami are now exploring ways to curb the high amount of carbon emission that is associated with Bitcoin mining.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.