Bitcoin, for the third consecutive day, recorded small profits on Thursday, September 7. The most expensive cryptocurrency recorded a small gain of 0.16 percent to trade at the price point of $25,825 (roughly Rs. 21.4 lakh). In the last 24 hours, the value of BTC has risen by $59 (roughly Rs. 4,905). As per industry experts, this minor but sudden increase in BTC price could be influenced by the FASB’s approval of a favourable method for companies to handle cryptos on their financial records.
Ether joined Bitcoin in reeling-in gains on Thursday. At the time of writing, ETH was trading at $1,637 (roughly Rs. 1.36 lakh) after seeing a price rise of 0.49 percent.
“BTC’s price remained within a narrow range for another day, although for a very brief duration, BTC did trade below $25,500 (roughly Rs. 21 lakh) and above $26,000 (roughly Rs. 21.6 lakh) on Binance. The small dump and pump happened around the same time as the news broke out that major tech investor Cathie Wood’s ARK Invest applied for a spot Ethereum ETF in the US. This marks the first such attempt in the United States to list such a fund which directly invest in the second largest digital asset in terms of market capitalisation. ETH (-0.1 percent), however, also traded flat.” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.
Binance Coin, USD Coin, Polkadot, Litecoin, Shiba Inu, Avalanche, Leo, and Chainlink registered small profits.
“In terms of altcoins, Sam Altman-related WorldCoin saw a major rally yesterday with WLD gaining over 20 percent in the last 24 hours. This rally came amidst the recent pump of other AI-related coins like NMR (+3.31 percent) and FET (+2.43 percent) in recent times. This also makes the Render token, RNDR (+2.72 percent) one of the contenders for coins that the investors are watching today,” Hudda added.
The overall crypto market cap rose by 0.34 percent in the last 24 hours, bringing the sector valuation to $1.04 trillion (roughly Rs. 86,39,077 crore), as per CoinMarketCap.
Meanwhile, Ripple, Dogecoin, Solana, Cronos, Elrond, and Bitcoin SV were among the loss-making cryptocurrencies.
Cartesi, Ardor, and Circuits of Value also registered small losses on Thursday.
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.
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