Bitcoin, the most valuable cryptocurrency in the world, saw another strong week this week. It rose by 3.8 percent after a consistent showing. The cryptocurrency traded at Rs. 39,584,447, or roughly $53040. The psychological barrier of $50,000 has been cleared and sentiments suggest a positive week ahead for the most widely used cryptocurrency in the world. This seems to have been the case so far.
The Gadgets360’s cryptocurrency price monitor has a fair amount of green markers, with Ethereum topping the list of gainers. The second-most-valuated cryptocurrency, Ether, saw a 3.25 percent increase at Rs. 2,69,363 is roughly $3,609. The Ethereum-based coin has experienced fluctuation due to China’s blanket ban on crypto-trading. However, things are improving after a positive start to the week.
The popular altcoin Dogecoin is having a great week with double-digit gains on Tuesday. Although Wednesday’s value isn’t as high, the memecoin still ranks among the top gainers of the day with a 6.25 per cent increase in value and rising to Rs. 19.66, or roughly $0.26. Elon Musk is the driving force behind this once again, after he tweeted a picture on Monday of a Shiba Inu. Tether , Cardano , Ripple and Litecoin all saw marginal increases.
Since the beginning of the month, the cryptocurrency market has experienced a steady climb. The relative strength indicator indicates that most decentralised finance tokens are also seeing gains.
India is ranked second in the Global Crypto Adoption Index according to Chainalysis. 42 percent of crypto transactions are large and institutional-sized. Usually, they amount to more than $10 million (roughly Rs. This is a sign of a large market.
According to market research, cryptocurrency is also being adopted at a grassroots level in Central and Southern Asia (CSAO) countries. This has fueled the rapid growth of digital finance.
NFT sales volumes rose to $10.7 billion (roughly Rs. According to market tracker DappRadar, NFT sales volumes soared to $10.7 billion (roughly Rs.