Bitcoin showed a gain of 0.72 percent to trade at the price point of $29,370 (roughly Rs. 24 lakh) on Thursday. After days of being down on the crypto price chart, Bitcoin — the most expensive cryptocurrency — is beginning to show small gains. In the last 24 hours, the price point of BTC rose by $219 (roughly Rs. 17,946). The development comes just hours after the US hiked interest rates by 0.25 percent, taking its value to a 22-year high.
Ether recorded profits on Thursday, just like Bitcoin. With a gain of 1.07 percent, the value of ETH stands at $1,873 (roughly Rs. 1.53 lakh). In recent days, Ether has held firm ground in terms of keeping its price close to the mark of $2,000 (roughly Rs. 1.63 lakh) but has not been able to breach it.
A plethora of cryptocurrencies registered gains on Thursday. These include Tether, Ripple, Binance Coin, USD Coin, and Cardano.
Furthermore, Solana, Tron, Polygon, Litecoin, and Polkadot also managed to rope in profits.
The overall crypto market valuation rose by 0.54 percent in the last 24 hours. At the time of writing, the market cap of the crypto sector stands at $1.19 trillion (roughly Rs. 97,51,276 crore), showed the data by CoinMarketCap.
The crypto fear and greed index, however, continues to remain in the neutral zone with a score of 51/100.
Meanwhile, only a small number of cryptocurrencies reeled under losses on Thursday. After the initial excitement around Twitter's rebranding to ‘X' worn off, Dogecoin lost its momentous hike spree.
Leo, Cronos, Ardor, Braintrust, and Floki Inu also suffered losses.
"After the latest decision, the federal reserve has taken the rates to a 22-year high and is no longer expecting the United States to go into a recession. Though, it looks like the crypto market will only react positively when the Fed starts cutting the rates again - which should be mid of next year, coinciding with BTC halving," Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.
In other news, DeFi's third largest protocol, MakerDAO (MKR, +9.2 percent), having $5.5 billion (roughly Rs. 45,108 crore) worth of total value locked, is considering increasing the savings rate of its stablecoin — DAI (+0.1 percent) to eight percent. If passed, it would be one of the highest in all DeFi protocols. MKR has been pumping on the development and is trading near its one-year high.
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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