On Tuesday, February 13, Bitcoin saw a 3.76 percent increase in profit. Currently, the world’s oldest and most valuable cryptocurrency is trading at $49,917 (approximately Rs. 41.4 lakhs), having crossed the $50,000 mark. This marks the first time since November 2021 that Bitcoin has reached $50,000 (approximately Rs. 41.4 lakhs). In the past 24 hours, Bitcoin’s price has risen by $1,816 (approximately Rs. 1.50 lakhs), aligning with expert predictions. Market experts attribute this surge to the strong performance of the US stock market, significant inflows into spot Bitcoin ETFs, and an upcoming halving event.
Ether also saw gains alongside Bitcoin on Tuesday. The second-most valuable cryptocurrency is currently trading at $2,642 (approximately Rs. 21.9 lakhs), with a 5.51 percent increase in price in the last 24 hours.
“Bitcoin is now facing its next resistance level at $50,250 (approximately Rs. 41.7 lakhs), which could lead to surpassing the $51,200 mark (approximately Rs. 42.4 lakhs). The current positive investor sentiment is evident in the active bullish presence in the market. Meanwhile, Ethereum maintains its position above $2,600 (approximately Rs. 2.15 lakhs), with bulls aiming for the $2,717 threshold (approximately Rs. 2.25 lakhs),” stated Edul Patel, CEO of Mudrex.
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Many altcoins are experiencing gains on Tuesday, including Ripple, Cardano, Avalanche, Dogecoin, and Polkadot. Other profitable cryptocurrencies include Binance Coin, Solana, Chainlink, and Polygon.
In the last 24 hours, the overall crypto market cap has increased by 3.78 percent, reaching a valuation of $1.87 trillion (approximately Rs. 1,55,23,702 crore), according to CoinMarketCap.
“With the market gaining momentum, Ethereum (+6 percent) and its top layer-2 solutions, OP (+8.3 percent) and ARB (+7.5 percent), have also begun to demonstrate strength towards another local high, assuming BTC momentum is sustained with just two months to go until the highly anticipated BTC halving,” commented the CoinSwitch Markets Desk.
However, Tether, USD Coin, Bitcoin Cash, Leo, and NEM have recorded losses on Tuesday.
“Traders should keep an eye on the US CPI announcement today, as it could impact market volatility. It is advisable to be cautious in response to such events,” advised the CoinDCX team.