Bitcoin Continues to Hold Steady Above $23,000 While Altcoins See Gains

Bitcoin held its footing above $23,000 (roughly Rs. 18.4 lakh) throughout the weekend after a fairly strong showing over the past couple of weeks. The value of Bitcoin witnessed a 1.77 percent rise in the last 24 hours with its price now closer to the $23,500 (roughly Rs. 18.7 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values BTC at $24,317 (roughly Rs. 19.34 lakh), 0.41 percent lower in the past 24 hours. On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $23,341 (roughly Rs. 18.57 lakh) while CoinGecko data shows that BTC’s value is currently exactly where it was last Monday.

Ether has also been doing well over the weekend. At the time of publishing, Ether is valued at $1,784 (roughly Rs. 1.42 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto’s value at $1,712 (roughly Rs. 1.36 lakh), where the cryptocurrency has risen by 2.11 percent over the past 24 hours.

Ether’s positive showing over the weekend sees the cryptocurrency’s value switch to green by close to 2.5 percent when compared to its value last Monday, as per CoinGecko data.

Gadgets 360’s cryptocurrency price tracker reveals that most major altcoins held firm over the weekend with a positive showing over the last 24 hours — as the global crypto market capitalisation witnessed a 2.73 percent rise through Sunday and early Monday.

Uniswap, Solana, Polkadot, Cardano, Cosmos, Avalanche, and BNB saw minor upsides while TRON, and Litecoin all saw minor dips in value in the last 24 hours.

Memecoins Shiba Inu and Dogecoin also followed the altcoin mix with some dips to show for. Dogecoin is currently valued at $0.07 (roughly Rs. 5.84) after gaining some 1.07 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000012 (roughly Rs. 0.00095), up by 1.28 percent over the past day.

The wider market has seen encouragement by the latest initiatives involving large institutional investors. Asset manager Brevan Howard completed the largest crypto hedge fund launch ever, with more than $1 billion (roughly Rs. 7,961 crore) in assets under management, and BlackRock formed a partnership with crypto exchange Coinbase to make crypto directly available to institutional investors.

“Block, a fintech company co-founded by Jack Dorsey, faced a 6.5 percent decline in its share price in the after-hours trade due to its recent financial results. Its Q2 revenues related to Bitcoin stood at 1.79 billion, 34 percent less than last quarterly earnings (Q2 2021). Also, the gross profit comes to be only $41 million (roughly Rs. 326 crore), 2 percent of Bitcoin revenue. In the shareholder letter, Block says there’s been declining consumer demand for Bitcoin in recent months. Since October 2020, the company has invested almost $500 million (roughly Rs. 3,981 crore) in Bitcoin (approximately 8,027 Bitcoins) due to its future potential. However, the recent volatility in the crypto market is forcing Block to re-evaluate its investment strategy,” says Edul Patel, CEO and co-founder of crypto investment firm Mudrex speaking to Gadgets 360.

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