Bitcoin Recoils to $42,000 Mark as Majority Crypto Assets See Profits

The overall crypto chart appeared lush with greens as most cryptocurrencies saw gains on Tuesday, December 19. Bitcoin, for instance, rose in value by 4.75 percent in the last 24 hours. At the time of writing, the value of Bitcoin stood at $42,072 (roughly Rs. 35 lakh). This means, that the crypto asset saw a price jump of $1,077 (roughly Rs. 89,524) over the last day. This price spike for Bitcoin is significant after the asset underwent a period of loss-ridden price correction recently.

Ether’s price jumped by 3.15 percent as the asset tailed behind Bitcoin on the profit-making side of the crypto market. Ether is presently trading at $2,235 (roughly Rs. 1.85 lakh). Over the las day, ETH rose price-wise by $65 (roughly Rs. 5,403).

“In a resurgence for the crypto market following a short correction, both Bitcoin and Ethereum have witnessed gains of 4.84% and 2.92%, respectively, in the last 24 hours. The rally is potentially fuelled by Galaxy Digital’s commitment to revive collapsed crypto projects, including FTX,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

Majority cryptocurrencies clocked notable profits on Tuesday. These include Binance Coin, Ripple, Solana, and Cardano.

Other profit-making cryptocurrencies include Avalanche, Dogecoin, Polkadot, Tron, Polygon, Chainlink, Shiba Inu, Litecoin, Bitcoin Cash, Uniswap, and Stellar.

The overall crypto market cap rose by 3.91 percent in the last 24 hours. It currently stands on the mark of $1.61 trillion (roughly Rs. 133,95,111 crore), as per CoinMarketCap.

As per market analysts, imminent bull run and heightened anticipation surrounding the Bitcoin ETF, has kept trader sentiments positive, further boosting the prices of these digital assets.

“The crypto heavy weights continue to ride the ETF approval wave and growing optimism around the potential of digital assets. In the altcoin space, Solana is leading the rally with a surge of over seven percent in 24 hours as the adoption of the Solana blockchain picks pace,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Only a small number of altcoins recorded losses. These include Qtum, SushiSwap, Braintrust, Ardor, and Underdog.

“A month after Binance and CZ pleaded guilty to violating US’ anti-money laundering guidelines, a federal judge has now approved the settlement between Commodity Futures Trading Commission (CFTC) and Binance. However, it is yet to be seen whether the Binance ex-CEO CZ will have to face some jail time or not alongside the fine,” the CoinSwitch market desk told Gadgets360.

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.