Bitcoin investors’ silver crosses Rs 39 lakh mark!
Bitcoin continued to remain strong this week. Once again, this digital coin has gained 3.8 per cent. The world’s largest cryptocurrency crossed the $50,000 mark on Tuesday. It is currently trading at Rs 39.58 lakh (about $53,040). The $50,000 figure remained a psychological barrier for Bitcoin, which it has crossed. It is expected to continue its lead for the remaining days of the week.
Green colour appeared in most cryptocurrencies in the cryptocurrency price tracker of Gadgets360. Which also included ether. It posted a modest 0.84 per cent gain on Tuesday after which it took a 3.25 per cent gain on Wednesday. At present, ether is priced at Rs 2.69 lakh (about $3,609). China completely banned crypto. The coin had been witnessing continuous ups and downs for the past ten days. But this week started well and there are signs of further growth.
The week also brought a big jump for Dogecoin. Its price rose sharply on Tuesday. The price of dozcoin continued on Wednesday when the price of dozcoin rose 6.25 per cent. It is currently trading at Rs 19.88 (about $0.28). One of the reasons for this can also be attributed to Alan Musk’s tweet in which he posted a picture of Shiba Inu on Monday.
At the same time, Tether, Ripple, Cardano and Litecoin also registered marginal gains. The beginning of the month has been quite good for the cryptocurrency market and most DeFi tokens are expected to trade even better.
Even though cryptocurrencies went through a critical phase in May, investor confidence still remains in it. Because while some countries are banning it, it is being adopted rapidly in some parts of the world. Some Asian countries have emerged as the fastest growing crypto markets in the world. The top three countries include Vietnam, India and Pakistan respectively. These countries have witnessed rapid crypto expansion in the last one year. According to a recent report by market research firm Chainalysis, cryptocurrencies are being adopted on the ground in CSAO countries.