The crypto market rallied over the last few hours, after US President Donald Trump announced a US-UK trade deal. Bitcoin’s price shot up to $102,722 (roughly Rs. 88.1 lakh) on Friday, as the value of the digital asset rose by 3.9 percent on international exchanges. This is the first time in over two months that Bitcoin’s price has extended beyond $100,000 (roughly Rs. 85.7 lakh). On Indian exchanges, the price of Bitcoin rose by 5.20 percent, and it is currently trading at $97,915 (roughly Rs. 84 lakh).
“The crypto market added over $240 billion (roughly Rs. 20,59,507 crore) in a day, with Bitcoin becoming the fifth-largest asset by market cap. The rally followed Trump’s announcement of a US-UK trade deal and optimism around a potential US-China agreement, lifting investor confidence. With this, investors expect strong economic activity. BTC faces the next resistance at $106,600 (roughly Rs. 90.9 lakh) while the support stands at $98,600 (roughly Rs. 84.6 lakh),” Edul Patel, Co-founder and CEO of Mudrex told Gadgets 360, commenting on the matter.
Ether’s price rose by over 16 percent in the last 24 hours on international exchanges. Presently, ETH is trading at $2,207 (roughly Rs. 1.90 lakh), according to data from CoinMarketCap. The asset’s value increased by 18 percent to trade at $2,155 (roughly Rs. 1.85 lakh) on Indian exchanges.
“Altcoins have also gained huge momentum, with Ethereum rising above the pivotal resistance at $2,200 (roughly Rs. 1.88 lakh) with over a 20 percent jump. The liquidity flow into the altcoins hints towards a potential altseason very soon,” said the CoinDCX research team.
The crypto price tracker by Gadgets 360 showed the prices of most altcoins were up on Friday. These include Ripple, Solana, Dogecoin, Cardano, and Tron.
Shiba Inu, Polkadot, Litecoin, Monero, and Polygon also rose in value on Friday.
The overall crypto market valuation rose by nearly five percent in the last 24 hours. At the time of writing, the crypto market cap stood at $3.22 trillion (roughly Rs. 2,75,96,317 crore), as per CoinMarketCap.
Tether, Litecoin, Near Protocol, Cosmos, and EOS Coin, were some of the altcoins that saw their values dip on Friday.
“The current surge marks the second leg of the broader bullish rally. With institutional interest accelerating across the board, this rally underscores the rapid maturation of the crypto market and its growing acceptance as a mainstream asset class,” Himanshu Maradiya, Founder and Chairman of the CIFDAQ exchange told Gadgets 360.Owing to the ongoing macroeconomic changes and geopolitical unrest, analysts have strongly advised investors to be cautious while investing.
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.
