Green crypto charts reflect the holiday spirit as Bitcoin and the majority of altcoins register gains
As we get closer to Christmas, the crypto market appears to be on its way to a quick recovery following days of constant dips. Bitcoin is currently trading at $51,484 per token on the Indian exchange CoinSwitch Kuber, up 0.80 percent.
In recent days, Bitcoin’s low-lying values in India have hovered around $50,000. The world’s oldest cryptocurrency is valued at $ 49,255 on international exchanges such as CoinMarketCap.
The majority of altcoins, including Cardano, Ripple, Dogecoin, Shiba Inu, and Polygon, have seen significant gains ahead of the festival.
Ether, on the other hand, ended up on the losing end of the market swings. According to Gadgets 360’s cryptocurrency price tracker, the second-most valuable cryptocurrency is currently trading at $4,230 per token. Ether lost 0.47 percent and is now trading around $4,000.
Only a handful of cryptocurrencies, including Tether, USD Coin, and Bitcoin SV, were on the dipped end of the scale with Ether.
The shifts in market sentiment come on the heels of a record $142 million outflow from digital asset funds. Investor confidence in the cryptocurrency market has dipped in recent days as a result of the market’s relatively flat momentum.
“As a nascent industry shaping the future of finance and innovation, crypto’s current muted trading activity is a sign of the maturing sector, not a lack thereof,” Indian exchange CoinDCX told Gadgets 360.
On a global scale, crypto-related firms raised more than $30 billion from venture capital firms in 2021, setting a new record. In 2018, the figure was $8 billion.
The crypto space appears to be expanding in India now that the proposal to ban private cryptocurrencies has been halted in the Parliament for the time being.
To attract more investors, Indian exchanges such as CoinSwitch Kuber and UnoCoin have added more crypto assets and features to their platforms.
