Bitcoin Price Crosses $61 5a4i1d 000, Most Altcoins See Profits as Market Shows Signs of Stabilisation

The value of BTC on international exchanges has reached $61,060 (roughly Rs. 51 lakh). 6t1u5h

Written by Siddharth Suvarna | Updated: 14 August 2024 13:56 IST

Bitcoin Price Crosses $61,000, Most Altcoins See Profits as Market Shows Signs of Stabilisation

Photo Credit: Unsplash/ Michael Förtsch 32z31

The crypto sector valuation is at $2.14 trillion as of August 14

Highlights

Ripple, Dogecoin saw gains
Avalanche, Shiba Inu saw profits
Litecoin, Uniswap reflected losses

ment

Bitcoin on Wednesday, August 14 reflected a price gain of 3.15 percent on international exchanges. With this, the value of BTC on international exchanges has come to the price point of $61,060 (roughly Rs. 51 lakh). On Indian exchanges like CoinSwitch, BTC is trading at around $64,576 (roughly Rs. 54 lakh). As per market commentators, this price hike for BTC is fuelled by favourable political developments and increasing institutional interest. In the backdrop of BTC's rally, majority cryptocurrencies ed gains on Wednesday.

“Bitcoin's dominance has climbed to 56.29 percent, reflecting a 0.35 percent increase from yesterday, showcasing its continued strength in the market,” Shivam Thakral, CEO of BuyUcoin told Gadgets360. “The approval of Bitcoin exchange-traded funds (ETFs) and a notable increase in stablecoin volumes drive this trend. The ongoing institutional adoption and regulatory clarity will likely bolster investor confidence and drive further growth.”

Ether saw a small loss of two percent in the last 24 hours. With this, the price of ETH has come to $2,452 (roughly Rs. 2.05 lakh). Analysts call this minor price decline negligible in a broader picture for ETH's price trajectory.

Crypto Startups Bagged Over $2 Billion in Funding in Q2 2024: Report

“The crypto market saw an uptick as the U.S PPI data came in lower than expected, which is bullish for the market. The focus now shifts to the US I data, set to be released today. Notably, during the last I data release, the market experienced a significant upside,” the CoinDCX market team told Gadgets360.

Shiba Inu -- all recorded gains.

Stellar also clocked profits.

Samsung Teams Up with NFT Game Illuvium to Promote Web3 TV Bundles

“Buyers are actively purchasing at levels, taking advantage of the dip,” Edul Patel, CEO of Mudrex told Gadgets360.

In the last 24 hours, the overall crypto market cap has risen by 2.50 percent. With this, the sector valuation hit $2.14 trillion (roughly Rs. 1,79,55,349 crore), as per CoinMarketCap.

Among loss-making cryptocurrencies, Uniswap.

“Crypto's Fear and Greed Index remains entrenched in the fear zone at 30, while the RSI for Bitcoin sits in the neutral zone. Bitcoin dominance is consolidating above 57%, signaling that altcoins may continue to lag in the near term,” Vikram Subburaj, CEO, Giottus crypto platform told Gadgets360.

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.

links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Circuits of Value

Radhika Parashar

Email Radhika

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 [email protected]. More