Bitcoin Surpasses $42,800 Mark, Altcoins Display Varied Movement Amid Market Volatility

In the past 24 hours, Bitcoin has experienced a notable increase in value, rising by $344 (approximately Rs. 28,565).

Bitcoin on Tuesday, February 6 recorded a miniscule profit of 0.82 percent. The world’s oldest, most expensive cryptocurrency, at present, is trading at the price point of $42,802 (roughly Rs. 35.5 lakh). In the last 24 hours, the value of Bitcoin registered a significant growth of $344 (roughly Rs. 28,565). Overall, Bitcoin exudes a bullish sentiment. As per market analysts, the long, short ratio for Bitcoin also signals a positive sentiment for investors, especially for the futures market.

Ether also saw a small gain of 0.91 percent on Tuesday. The asset, as of now, is trading at the price point of $2,312 (roughly Rs. 1.92 lakh) — which is higher by $22 (roughly Rs. 1,826) from Ether’s previous day pricing.

“The selling pressure by Grayscale which has sold 141,00 Bitcoin is being absorbed by 175,000 Bitcoin bought through ETFs. The cumulative spot Bitcoin ETF volume has also crossed the $30 billion (roughly Rs. 2,49,137 crore) threshold reflects a huge demand for Bitcoin in the Spot ETFs. Bitcoin has persistently attempted to breach the $44,000 (roughly Rs. 36.5 lakh) level for several weeks, but it has been hindered by low trading volume,” Shivam Thakral, CEO of BuyUcoin told Gadgets360, commenting on the market status.

Ripple, USD Coin, Dogecoin, Chainlink, and Tron recorded small profits alongside BTC and ETH.

They were further joined by Polygon, Wrapped Bitcoin, Litecoin, Leo, Uniswap, and Cosmos on the profit-side of the crypto chart.

In the last 24 hours, the overall crypto market cap rose by 0.25 percent to stand at the $1.64 trillion (roughly Rs. 1,36,19,314 crore) mark, showed CoinMarketCap on Tuesday.“One of the biggest news from yesterday came from GoDaddy. The company announced that its users can now link domain names with Ethereum Name Service, ENS (+13 percent) at no extra cost. This is a big boost for both Ethereum (+1.68 percent) and the ENS token

On Tuesday, Tether, Binance Coin, Solana, Cardano, Avalanche, Polkadot, and Shiba Inu experienced losses in their respective prices.

Additionally, Bitcoin Cash, Stellar, Monero, Near Protocol, and Elrond also saw declines in their values.

Moreover, in the Ripple vs SEC case, a US court judge has granted the SEC’s request to Ripple to produce specific financial statements. These developments will determine the potential penalties XRP may face for its unregistered securities offerings during institutional sales.

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