After more than a week of market volatility triggered by China’s ban on cryptocurrency activities, the value of bitcoin rose 4.35 percent on Tuesday. The world’s most valuable cryptocurrency is currently trading at Rs. 38,15,086 (approximately $51,160). This is the first time since August 22, 2021 that bitcoin has been able to cross the $50,000 mark. The cryptocurrency started showing positive recovery results earlier this week. On Monday, October 4, bitcoin traded at Rs. 36,53,453 (approx $49,285) – approx Rs. Represents the overall increase in its exchange value after the price of Rs. 34,23,691 (approximately $46,082) on Friday, October 1.
As Greens dominated most of Gadget 360’s cryptocurrency price tracker, Ether also posted gains. With a modest price increase of 0.84 per cent, the world’s second most valuable cryptocurrency began trading on the rupee. 2,61,161 (about $3,502). The Ethereum blockchain-based cryptocurrency also fell victim to market volatility and posted more losses than gains last week. For example, the day before, Ether saw a 2.16 percent drop in value.
The meme-based cryptocurrency, Dogecoin, opened with a significant price increase of 11.19 percent. Its price has now increased to Rs. 18.60 (about $0.25).
Cardano, Tether and Ripple are among other popular cryptocurrencies that have seen their value rise.
“The new week began with a bullish rally in the cryptocurrency market. Over the past 24 hours, most of the top cryptos had a stable session. With the steady increase in overall trading volume, stability is definitely a positive sign for the market,” said Edul Patel, CEO and co-founder of crypto-investment platform Mudrex, told Gadgets 360.
According to former NSA whistleblower Edward Snowden, China’s ban on crypto-activities made bitcoin stronger. Bitcoin-supporters were hopeful that the cryptocurrency would recover soon after China’s crypto-crackdown – and they have been proven right by current data.
Meanwhile, bitcoin has been hotly contested in many parts of the world in recent times.
Earlier in September, the Central American country of El Salvador made bitcoin a legal tender alongside the US dollar – the country’s official currency.
The US’ city of Miami also issued its first native crypto coin called “MiamiCoin” – based on bitcoin technology.
Officials in El Salvador and Miami are now exploring ways to curb the high amount of carbon emissions associated with bitcoin mining.
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.