Weekly Crypto Update: Bitcoin Records Initial Gains, Majority of Altcoins Emerge Unscathed from Price Correction Phase

Bitcoin Surges $1,813 in 24 Hours, Signaling Positive Momentum in Crypto Market

On Thursday, December 14, Bitcoin demonstrated a noteworthy gain of 4.22 percent, reaching a value of $42,680 (approximately Rs. 35.5 lakh) at the time of this report. Following a period of price correction earlier in the week, Bitcoin showcased resilience by bouncing back. In the last 24 hours, the cryptocurrency experienced a substantial increase of $1,813 (roughly Rs. 1.5 lakh). Despite recent losses, BTC boasts an eight percent month-to-date surge and an impressive 148 percent year-to-date increase.

“Bouncing back to $43,000 (approximately Rs. 35.8 lakh), marking an almost five percent rise from its recent dip below $41,000 (roughly Rs. 34.1 lakh) following Monday’s flash crash. The crypto market witnessed a simultaneous upswing, fueled by positive indications from the Federal Reserve hinting at imminent interest rate cuts,” shared Rajagopal Menon, Vice President at WazirX, with Gadgets360.

Ether, the second-largest cryptocurrency, also displayed a positive trend, securing a profit of 3.67 percent in the last 24 hours. At the time of writing, the value of ETH stood at $2,248 (roughly Rs. 1.87 lakh), marking an $82 (roughly Rs. 6,830) increase over the past day.

“Cardano (ADA, +17.3 percent) is on the rise as it is up by more than 50 percent in the last seven days. As per blockchain research firm Santiment, the primary reason for this rally is ‘Supply Distribution’ where smallholders are selling while the whales are purchasing. The current ADA rally shows the market is increasingly becoming bullish for altcoins as well and the well-awaited ‘altseason’ might come sooner than later,” the CoinSwitch Markets Desk.

“The monthly US CPI remaining unchanged is considered positive news, prompting a favorable response from BTC and ETH. This recovery could reflect the market’s anticipation of the potential approval of a spot BTC exchange-traded fund (ETF) in January 2024, aligning with notable cash inflows from institutional investors,” the CoinDCX research team.

Meanwhile, some cryptocurrencies did record losses today. These include Tether, USD Coin, Cosmos, Leo, Monero, Binance USD, and Braintrust.Other cryptocurrencies that are trading in the greens today, include, Polygon, Chainlink, Shiba Inu, Litecoin, Bitcoin Cash, Uniswap, and Stellar.

“The market is expected to sustain the momentum in the coming weeks. Fed kept the interest rate unchanged and hinted that it could go for several rate cuts next year, bringing cheer to the trading community as it will boost liquidity in the market and spark economic activity in several sectors,” Shivam Thakral, CEO of BuyUcoin