Bitcoin Remains Below $17,000 Price, Several Altcoins See Small Gains: Details


Bitcoin opened with a minuscule gain of 0.21 percent on Thursday as the crypto market, which has been low on the value scale for nearly a month, begins to show signs of recovery. At the time of writing, Bitcoin costs $16,853 (approximately Rs 13.9 lakhs). This marks the fourth day in a row that BTC has failed to break above the $17,000 (roughly Rs. 14 lakh) price, though it did briefly break above that number ahead of the US Consumer Confidence Report on Wednesday. Also on international exchanges such as Binance and CoinMarketCap, the price of Bitcoin rose 0.21 percent to trade at the same price.

It should be noted that despite Bitcoin’s lackluster performance, retail adoption is on the rise. “BTC adoption hit an all-time high with a record 17 percent of total circulating supply held by addresses with less than 10 BTC in a wallet,” CoinDCX’s research team told Gadgets 360.

Ether followed Bitcoin to post small gains on Thursday. ETH is currently trading at $1,213 (roughly Rs. 1 lakh) after seeing a 0.55 percent gain according to cryptocurrency price tracker Gadgets 360.

Stablecoins like Tether, USD Coin, and Binance USD also saw small price increases.

Solana, Uniswap, LEO, Wrapped Bitcoin, Chainlink, and Monero all opened trades with small but significant gains.

The total crypto market grew by 0.26 percent in the last 24 hours. Of CoinMarketCapthe sector is valued at $810 billion (roughly Rs. 67,08,914 crore).

Meanwhile, multiple cryptocurrencies suffered losses on Thursday. These include Binance Coin, Cardano, Polygon, Polkadot, and Litecoin.

“Despite the slow momentum, we are seeing increasing adoption by the largest players in the crypto ecosystem. Visa supports Ethereum’s automatic payment scheme from self-custodial wallets, allowing users to set up recurring bill payments; exchanged in a decentralized manner, Uniswap partnered with Moonpay, a fintech company that allows users to purchase cryptocurrencies through debit cards, credit cards, and wire transfers; Mercedes-Benz, one of the largest automobile manufacturers, has recently filed five NFT and metaverse related trademark applications,” added the CoinDCX team.

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