Crypto Market Update: Bitcoin Surges Above $43,000, Multiple Altcoins Register Profitable Trends
On Thursday, November 21, Bitcoin, alongside the broader spectrum of cryptocurrencies, witnessed a profitable trend. Within the last 24 hours, Bitcoin experienced a notable surge in value, marking a 2.26 percent increase. This surge propelled Bitcoin to reclaim a price point of $43,672 (approximately Rs. 35 lakh). Impressively, Bitcoin’s value surged by $1,608 (approximately Rs. 1.33 lakh) within this single-day timeframe. According to market analysts, the forthcoming challenge for BTC lies at the $44,500 (approximately Rs. 37 lakh) mark, with a potential breakthrough potentially driving the price towards the $48,000 (approximately Rs. 39.9 lakh) resistance level.
Ether rose in value marginally by a mere 0.07 percent on Thursday. At the time of writing, the price of ETH stands at $2,203 (roughly Rs. 1.83 lakh).
“Historically, December month proves to be a major price action month and it is yet to be seen whether BTC has already made a local top or the bull market has just started to heat up,” the CoinSwitch Markets Desk told.
Ripple, Solana, Cardano, Dogecoin, Polkadot, Polygon, Chainlink, and Shiba Inu are among other cryptocurrency trading in profits on Thursday.
“One of the hottest investments of the season, Solana is also continuing its rally, with SOL (+11.9 percent) hitting the $80 (roughly Rs. 6,658) mark for the first time since May 2022 alongside being just touching distance away from being the 4th largest crypto after BTC, ETH, and USDT and beating BNB,” the CoinSwitch Markets Desk told Gadgets360.
Bitcoin Cash, Uniswap, and Stellar also managed to mint small gains.
The overall crypto market cap rose by 2.03 percent in the last 24 hours to stand on the valuation of $1.63 trillion (roughly Rs. 135,71,298 crore), showed CoinMarketCap.
However, amidst the profitable trends in the crypto market on Thursday, several altcoins recorded losses. Among these were USD Coin, Litecoin, Cronos, Sushiswap, and Braintrust, experiencing a downturn in their values.
Rajagopal Menon, Vice President of WazirX, shared insights, stating, “VCs are anticipated to reinvest in Web3 after a relatively subdued year, focusing notably on sectors like gaming. This renewed attention could potentially drive growth for gaming tokens in the forthcoming months. Additionally, the ongoing engagement between regulatory bodies such as the SEC and prominent entities like BlackRock and Grayscale signifies a proactive approach toward foreseeing and potentially greenlighting these developments within the stipulated approval window,”.
Additionally, market analysts have emphasized the robust performance of crypto-related stocks, noting a prevailing “Strong Buy” sentiment within the market. Despite the optimistic stance indicated by the Relative Strength Index (RSI) for Bitcoin, the cryptocurrency’s Bollinger Band suggests the likelihood of significant price volatility in the near future.
