Bitcoin, Ether Retain Profits Throughout Weekend, So Far April Seems Fruitful for Investors
Bitcoin, over the weekend, did not lose its grip on its recovered price and continued to trade above the $28,000 (roughly Rs. 22.9 lakh) mark throughout Saturday and Sunday. With a small profit of 0.81 percent, Bitcoin touched the price point of $28,287 (roughly Rs. 23 lakh) on Monday, April 10. Over the weekend, the first ever cryptocurrency grew by $272 (roughly Rs. 22.2 lakh) in terms of its value. Bitcoin's healthy trading value has ushered a big number of cryptocurrencies onto the profit-making side of the price charts.
Ether, that is set to get its new Shanghai upgrade later this week, also did not drop in value over the weekend. The value of Ether on Monday, stood at $1,858 (roughly Rs. 1.5 lakh) with a gain of 0.17 percent.
A big bunch of cryptocurrencies followed BTC and ETH towards the greener side of the crypto price chart, showed the tracker from Gadgets 360.
Tether, Binance Coin, Binance USD, Wrapped Bitcoin, and Monero — all recorded profits.
Both memecoins DOGE and SHIB also recorded small gains alongside Zcash, Dash, and Qtum.
“Institutional investors continue to be bullish about crypto despite strict market regulations. DeFi has witnessed a lot of user interest and crypto as an asset continues to be an important part of portfolios for larger investors,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.
The overall crypto market rose by 0.50 percent in the last 24 hours, showed data by CoinMarketCap. At the time of writing, the market valuation of the crypto sector stood at $1.19 trillion (roughly Rs. 96,96,113 crore).
“Most cryptocurrencies experienced an uptick in value as the market responded to the non-farm payrolls report, which indicated that the US economy gained 236,000 jobs in the previous month over the weekend,” Edul Patel, CEO of Mudrex crypto investment platform told Gadgets 360.
Meanwhile, a significant chunk of the crypto listings did see losses on Monday.
These include Cardano, Polygon, Polkadot, Litecoin, Tron, and Avalanche among others.
Despite the constant volatility associated with the crypto assets market, players from the sector are continously expanding operations to other nations.
Binance for instance, launched its business in Argentina last week.
While India is set to discuss crypto laws with the World Bank and the IMF in the coming days, Hong Kong is gearing to take active steps to push Web3 initiatives.
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.
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