BTC Stands Undeterred at Over $30,000, Market Momentum Pulls Up Shib Among Most Altcoins

The crypto market cap stands at $1.23 trillion (roughly Rs. 1,01,08,141 crore)

Bitcoin, despite the constant ups and downs in the financial market, has risen to exceed the price point of $30,000 (roughly Rs. 24.5 lakh). On Thursday, April 13, BTC reached the value of $30,059 (roughly Rs. 24.6 lakh) with a small daily profit of 0.36 percent. In the last 24 hours, the oldest cryptocurrency rose in price by $165 (roughly Rs. 13,520). After the back-to-back collapses of three banks in the US last month, the crypto market emerged as the beneficiary of the situation. Experts believe stakeholders still seek more clarity on regulations amidst widespread advocacy by industry leaders.

Ethereum rose by 2.19 percent on Thursday, as per Gadgets 360's crypto price tracker. At the time of writing, the value of ETH stood at $1,908 (roughly Rs. 1.55 lakh). ETH value grew by $47 (roughly Rs. 3,850) after the blockchain completed its Shanghai upgrade on April 12.

“We don't see any selling pressure on ETH, which is up ~1 percent in the past 24 hours, as of around 8AM today. Around half an hour after the Shanghai upgrade was activated, around 285 withdrawals had been processed for about 5,413 ETH worth $10 million (roughly Rs. 82 crore). In high spirits, investors and blockchain developers have already begun mapping the next steps, ie., the Verge, Purge, and the Scourge,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

With the top two cryptocurrencies rallying with profits, Binance Coin, Cardano, Polygon, Solana, and Polkadot joined majority altcoins on the green side of the price tracker.

Shiba Inu, that was not minting any profits these past days, also rose by over two percent in the last day. The memecoin rival Dogecoin also reeled-in gains in the bull market.

The overall valuation of the crypto sector grew by 1.11 percent in the last 24 hours. As per CoinMarketCap, the crypto market cap stands at $1.23 trillion (roughly Rs. 1,01,08,141 crore).

“With the final upgrade of Ethereum to transition to PoS mechanism, the market seems to show an overall positive sentiment on the overall sentiment,” said Rajagopal Menon, Vice President, WazirX.

Notably, some cryptocurrencies with losses, did fail to defeat the market rally.

These include stablecoins like Tether, USD Coin, Ripple, and Binance USD alongside Wrapped Bitcoin, Bitcoin Cash, and Baby Dogecoin.

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 TECHYMS. TECHYMS 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.