On Thursday, September 30th, the price of bitcoin finally saw a slight increase of 2.38 percent. Currently, the world’s most valuable cryptocurrency is trading on the rupee. 34,28,765 (approximately $46,116). This modest increase in the value of bitcoin comes two days after that, along with other cryptocurrencies, have seen a decline. The volatility in the cryptocurrency market was triggered by China’s widespread ban on cryptocurrency that was imposed last week on September 24. All the major cryptocurrencies experienced a drop in values following the recent market volatility.
Ether also opened with a gain of 3.8% followed by Bitcoin. The world’s second most valuable cryptocurrency is trading at Rs. 2,38,307 (about $3,205). This surge in the native cryptocurrency of the Ethereum blockchain comes a day after its value fell by 1.39 percent.
Other cryptocurrencies that have registered modest growth include Ripple, Polkadot, and Dogecoin.
“Over the past 24 hours, we have seen a huge correction in the cryptocurrency market. The altcoin was set for a bullish reversal and that is exactly what happened. Most of the top 30 coins ended in the green, with Binance Coin the best performer. It was going to happen,” Edul Patel, CEO and co-founder of crypto-investment platform Mudrex, told Gadgets 360.
According to CoinMarketCap.com, Binance Coin has seen a significant increase of 11.89 percent. It was trading at $382.76 (about Rs 2,38,307).
According to the Gadgets 360 crypto-price tracker, among the cryptocurrencies that saw a fall in value, Cardano, USD Coin and Uniswap posted minor losses.
Earlier this week, industry experts expressed hope for the crypto market to recover despite criminalizing crypto trading.
Other pro-crypto regions such as the city of Miami in the US and the Central American country of El Salvador are taking measures to reduce the carbon footprint associated with crypto mining. While Miami is exploring the possibilities of setting up a bitcoin-mining center near a nuclear power plant in the state of Florida, the El Salvador volcano is working on powering bitcoin mining with geothermal energy.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.