Bitcoin’s 24-Hour Surge: Registers a 2.73% Growth, Adding $1,320 (Approximately Rs. 1.09 Lakh)
On Tuesday, January 30, Bitcoin demonstrated a noteworthy surge, reaching a price point of $43,495 (approximately Rs. 36 lakh). This surge represents a growth of 2.73 percent over the last 24 hours, translating to a value increase of $1,320 (roughly Rs. 1.09 lakh). This milestone marks the first time in over a week that Bitcoin has reclaimed a position above the $43,000 threshold (roughly Rs. 35.7 lakh). Additionally, the rising Bitcoin dominance, currently standing at 51.2 percent, poses challenges for altcoins in the market. Bitcoin dominance serves as a metric for the relative share of Bitcoin compared to the overall cryptocurrency market.
Ether, the second-largest cryptocurrency, experienced a 1.74 percent increase in price over the past day and was trading at $2,310 (roughly Rs. 1.92 lakh) at the time of writing. The broader crypto market has seen positive momentum, with multiple cryptocurrencies reflecting gains on Monday. Notable among them are Binance Coin, Solana, Ripple, Cardano, Avalanche, Dogecoin, Polkadot, Chainlink, and Polygon, all aligning with the upward trend observed in both BTC and ETH.
The recent price surge in the crypto market follows a period of decline and is believed to be influenced by the approval of Bitcoin ETFs. According to Shivam Thakral, CEO of BuyUcoin, the shift in Google’s advertising guidelines, allowing Bitcoin ETF adverts in the U.S. by companies such as BlackRock, VanEck, and Franklin Templeton, could be a contributing factor to the observed market dynamics. As the crypto landscape continues to evolve, these fluctuations underscore the impact of regulatory developments and market sentiment on digital asset valuations.
“One of the notable gainers of the day remained PENDLE (+16.5 percent) as the Arbitrum based protocol entered the top 100 in terms of circulating market cap. This came as the total value locked in the protocol has crossed the 500-million-dollar mark, an all-time high.
Another popular altcoin SOL (+5.12 percent) is also on the move again as Solana DEXs briefly flipped Ethereum trading volumes with rolling 24 hour volume on Solana crossing $700 million (roughly Rs. 5,819 crore) compared to $698 million (roughly Rs. 5,802 lakh) on Ethereum as per the data from DefiLlama. Some analysts are predicting another run might be due for SOL as the recent corrective wave seems to have settled,” the CoinSwitch Markets Desk.
The overall crypto market cap rose by 2.30 percent in the last 24 hours. The current valuation of the crypto sector, as of Tuesday, stands at $1.67 trillion (roughly Rs. 1,38,82,793 crore), as per CoinMarketCap.
Cryptocurrencies trading in losses on Tuesday include Tether, USD Coin, Tron, Leo, and Augur.
“Market awaits key events: the Fed’s interest rate decision and US January unemployment rate data. If a widely expected rate cut occurs, bulls may triumph in the ongoing tug of war. Conversely, unchanged rates could signal bearish sentiment. Investors brace for potential impact even as Bitcoin’s Bollinger Bands show early signs of convergence, hinting at the possibility of reduced-price volatility in the coming days,” Rajagopal Menon, Vice President, WazirX