Crypto Market Sees Sustained Rally, Bitcoin Soars to New Heights
The cryptocurrency market has been experiencing a sustained rally over the past few days, with Bitcoin leading the charge. On Wednesday, September 25, Bitcoin registered a gain of 1.20 percent on Indian exchanges and a profit of 6.14 percent on international exchanges over the last 24 hours.
As of the time of writing, Bitcoin was trading at $64,380 on international exchanges, with CoinMarketCap valuing the asset at roughly Rs. 53.7 lakh. On Indian exchanges, the asset was priced at $66,630, equivalent to roughly Rs. 55.6 lakh.
Ether, the second-largest cryptocurrency by market capitalization, reflected minor losses of less than one percent on both national and international exchanges on Tuesday. However, the cryptocurrency remains well-performing, with its price supported by strong trendline support and further outperformance expected.
Binance Coin, Ripple, Dogecoin, Cardano, Tron, and Avalanche all registered gains alongside Bitcoin on Wednesday. Shibuya Inu, Polkadot, Leo, Litecoin, Cronos, Cosmos, Polygon, Bitcoin SV, and Neo Coin also found their way onto the profit-making side of the crypto chart.
The overall crypto market cap went up by 1.89 percent in the last 24 hours, with the valuation of the crypto sector reaching $2.26 trillion, as shown by CoinMarketCap. This upward momentum is largely attributed to the global shift towards monetary easing, particularly with China joining other major economies in loosening policies to counter economic slowdown.
Shivam Thakral, CEO of BuyUcoin, emphasized that the global shift towards monetary easing is largely responsible for the upward momentum. “With central banks in the US, EU, and China cutting interest rates, the crypto market is seeing significant inflows, both directly and through ETFs, driven by improved economic sentiment,” he told Gadgets360.
The cryptocurrency market is subject to market risks and is not a legal tender. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in this article.
