Bitcoin has recently experienced a surge in price, rising by 4.86 percent on Thursday to reach a value of $52,044. This is the first time in over two years that the asset has reached this level, with an equivalent value of Rs. 43.2 lakh.
One of the driving forces behind this rally is the significant increase in capital inflows in Bitcoin ETFs, as well as the upcoming halving event. This event, which occurs every four years, is expected to further boost the value of Bitcoin. In fact, the total value of investments in Bitcoin has already surpassed the trillion dollar mark.
Meanwhile, Ether has also seen a gain of 5.75 percent, with the current stock price at $2,792 (approximately Rs. 2.31 lakh). Over the past two weeks, the value of the dollar has increased by 6%, while Ether has risen by around $150 (Rs. 12,450).
According to CoinDCX market desk, the overall crypto market is experiencing a significant rise, with Bitcoin and Ethereum reaching their highest points of the year. This growth is attributed to increased investments in Bitcoin spot ETFs and positive sentiment surrounding the upcoming halving event. Ethereum is expected to break the $2,900 (Rs. 2.4 lakh) barrier and potentially reach $3,300 (Rs. 2.7 lakh). Other altcoins, such as STX and IMX, have also shown strong growth, with a surge of over 25% in just a few days.
Some of the other cryptocurrencies that have shown strength in the market include Solana, Ripple, Uniswap, Chainlink, Cardano, Avalanche, Dogecoin, Tron, and Polkadot. On the other hand, some cryptocurrencies, such as USD Coin, Tether, Cosmos, and Monero, have experienced a decline in value on Thursday.
The overall crypto market capitalization has grown by 5.32 percent in the past 24 hours, reaching a valuation of $1.95 trillion (Rs. 1,61,88,578 crore), according to CoinMarketCap.
The global investor community and world leaders are increasingly showing interest in the crypto sector. Indian Prime Minister Narendra Modi, for example, recently called for global cooperation in tackling emerging technologies like artificial intelligence and cryptocurrency.
Shivam Thakral, CEO of BuyUcoin, highlighted the recent Genesis court approval to redeem its Grayscale Bitcoin Trust holdings valued at $1.3 billion (Rs. 10,790 crore) and its potential impact on the cryptocurrency market. However, it’s important to note that cryptocurrency is a digital currency with no regulation and carries market risks. The information provided in this article does not constitute financial or trading advice, and NDTV will not be held liable for any losses resulting from investments made based on perceived recommendations or forecasts.