Crypto Price Today: Bitcoin Price Sees Modest Rise, Losses Hit Stablecoins in Volatile Market

On Wednesday, November 29, Bitcoin reflected profits after two days of small losses. At the time of writing, BTC’s price point is $37,935 (approximately Rs 31.6 lakh) after registering a gain of 2.06 percent. The price of Bitcoin has increased significantly by $901 (approximately Rs 75,068) in the last 24 hours. Market analysts expect that the most expensive cryptocurrency may soon rise to the level of $57,000 (approximately Rs 47 lakh).

Ether found itself on the profit-making side of the crypto price chart. Currently, ETH is trading at a price point of $2,048 (approximately Rs 1.7 lakh).

“As Bitcoin is reaching one of the lowest volatility levels in years, holders are reluctant to sell, and buyers seem to be out of supply. Standard Chartered, one of the world’s largest banks, has maintained its target of pushing Bitcoin to $100,000 (about Rs 83.3 lakh) by the end of 2024, with multiple spot ETF approvals for BTC and ETH expected in the early months of next year. Will take place during. CoinSwitch Markets Desk told Gadgets360.

Most cryptocurrencies are trading in the green today, lagging behind Bitcoin and Ether.

Binance Coin, Ripple, Solana and Cardano registered gains on Wednesday. It is noteworthy that 24 hours ago all these cryptocurrencies were trading in loss.

Other altcoins trading in the green include Dogecoin, Shiba Inu, Tron, Chainlink, Polygon, Avalanche, Polkadot, and Litecoin.

The total market valuation of the crypto sector is $1.43 trillion (approximately Rs 1,19,13,544 crore), which has seen a marginal increase of 1.42 percent over the past day. coinmarketcap,

“Investors closely monitor central bank dynamics for potential impacts on digital asset valuations. Bitcoin’s ongoing momentum draws attention to its performance and broader implications within the cryptocurrency ecosystem,” Rajagopal Menon, vice president at WazirX, told Gadgets360, commenting on the market situation.

Meanwhile, stablecoins witnessed a slight decline today. These include Tether, Binance USD and USD Coin.

Uniswap, LEO, Circuit of Value and Augur also failed to see any gains today.

“Market participants have digested the recent change in leadership at Binance and are feeling optimistic about their investments. The price of Bitcoin has increased by an impressive 128 percent since the beginning of the year. In other news, the US SEC has requested written comments from the public on the proposed Franklin Templeton and Hashdex Spot Bitcoin ETF applications,” Edul Patel, co-founder and CEO of Mudrex, told Gadgets360.

Over the past week, institutional investors contributed a total of $346 million (roughly Rs. 2,882 crores) into crypto products, the highest weekly inflow since November 2021. Notably, a significant portion of this inflow, amounting to $311 million (approximately Rs 2,590 crore), was allocated to Bitcoin.


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