Bitcoin Surges: Gains $271 in 24 Hours, Signaling Positive Momentum in Cryptocurrency Markets
On Thursday, January 25, Bitcoin exhibited a modest gain of 0.50 percent, yet the cryptocurrency did not witness a significant shift in its overall price. As of the latest update, the value of BTC was reported at $39,921 (approximately Rs. 33 lakh).
Notably, Bitcoin experienced a marginal increase of $271 (about Rs. 22,527) in the past 24 hours, shedding light on the nuanced dynamics within the market. Analysts at the CoinSwitch markets desk suggested that while this incremental gain might signify a hesitancy among bullish investors, it could also indicate resistance from bears to drive Bitcoin’s price lower.
Concurrently, other major cryptocurrencies such as Solana, Ripple, Cardano, Avalanche, Tron, and Polkadot also registered marginal gains in tandem with Bitcoin’s performance on Thursday. Joining the upward trajectory were Shiba Inu, Litecoin, Bitcoin Cash, Leo, Cosmos, Uniswap, Stellar, Monero, Near Protocol, and Cronos, collectively contributing to a day of cautious but widespread positive movements in the crypto landscape.
“Notably, Solana’s SOL and Avalanche’s AVAX surpassed expectations, registering gains of about 8.5 percent and 11.5 percent, respectively, spearheading the broader market’s upward trajectory,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Ether failed to join Bitcoin on the profit-making side of the crypto price chart. The SEC managed to delay the approval of BlackRock’s spot Ethereum ETF, for now, which has emerged as a contributing factor to the somewhat bearish sentiment hovering over ETH at the moment.Tether, Binance Coin, USD Coin, Chainlink, and Bitcoin SV joined Ether on the loss-making side of the crypto price chart.
“The overall crypto market cap jumped to the $1.55 trillion mark with BTC showing a marginal increase in its value from the previous day. Altcoins are showing a strong positive trajectory but it’s not enough to lift the market sentiment. The US Fed should start cutting the interest rates soon to boost market liquidity and spark economic activity across sectors,” Shivam Thakral, CEO of BuyUcoin