Bitcoin Price Continues to Rise, Most Altcoins Recover After Brief Slump

Bitcoin price in India and global markets continues to rise, increasing the value of the world’s most valuable and widely used digital asset. As a result, Bitcoin, which was trading at $59,304 (around Rs 49.5 lakh) on July 7, has surged to $65,965 (around Rs 55 lakh) on international exchanges after a 10-day lapse. Bitcoin’s value has increased by over three percent in the last 24 hours. The asset is trading at $68,433 (around Rs 57 lakh) on Indian exchanges such as WazirX, according to the latest prices on cryptocurrency price tracker Gadgets360 on Wednesday.

“Not even the news that Mt Gox moved 91,755 BTC worth $5.8 billion has managed to have a profound effect on the current relief rally that BTC is showing. Meanwhile, spot bitcoin ETFs have attracted over $16 billion in inflows since launching in January, with $300 million added earlier this week alone. The ETFs have seen steady inflows even as bitcoin prices have fluctuated, indicating strong investor demand for regulated bitcoin exposure,” CoinSwitch Markets Desk told Gadgets360, detailing the reasons for BTC’s price surge this week.

Ether followed Bitcoin and increased its value on Wednesday. ETH price is currently at $3,510 (around Rs. 2.9 lakh) on international exchanges like CoinMarketCap, after a 2.56 percent increase. On Indian exchanges, ETH is currently trading at $3,147 (around Rs. 2.6 lakh).

Bind, Binance Coin, Solana, Ripple, DogecoinAND Avalanche have seen their value increase, just like BTC and ETH.

“Altcoins like XRP (up 37 percent) and Near Protocol (up 36.8 percent) are leading the charge, fueling overall crypto optimism. July historically beats June for Bitcoin, and this year looks to follow suit despite recent challenges,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.

The overall cryptocurrency market capitalization increased by 1.73 percent in the last 24 hours, reaching a valuation of $2.41 trillion, according to CoinMarketCap.

However, some cryptocurrencies have seen their prices drop in the last 24 hours, including Cardano, Tron, Shiba Inu Dog, Polka dotAND Mesh sweater“Volatility has increased significantly and is expected to remain elevated this week,” CoinDCX’s market desk told Gadgets360.

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