Bitcoin on Thursday, February 8, recorded a profit of 3.66 percent. With this, the value of the cryptocurrency has escalated to $44,505 (roughly Rs. 36.9 lakh). In the last 24 hours, the value of BTC has risen by $1,693 (roughly Rs. 1.4 lakh). As per market experts, this bullish move for BTC indicates a potential for further upward momentum, with next levels at $45,400 (roughly Rs. 37.6 lakh) and $48,000 (roughly Rs. 39.8 lakh). Most cryptocurrencies followed Bitcoin on the gain trail, showed the crypto price tracker by Gadgets360.
Ether minted a profit of 2.80 percent on Thursday. The second most valuable cryptocurrency, at the time of writing, is trading at $2,425 (roughly Rs. 2 lakh). In the last 24 hours, the value of ETH rose by $64 (roughly Rs. 5,310).
“It’s worth noting that historically, February has been one of the best months for Bitcoin. It broke out of its consolidation phase in a smaller timeframe, reaching the upper level of its range. Altcoins also closed in the green, benefiting from BTC’s rally. ETH broke out above its range high, currently holding above $2,450 (roughly Rs. 2.03 lakh), which is a positive signal for ETH and related tokens,” the CoinDCX team told Gadgets360.
Binance Coin, Solana, Ripple, Dogecoin, Cardano, and Avalanche — all recorded gains on Thursday.
Tron, Polkadot, Polygon, Shiba Inu, Litecoin, Bitcoin Cash, and Uniswap among others also reflected profits alongside BTC and ETH.
“Popular altcoin SOL (+5 percent) also saw a comeback, as after Solana blockchain came for a five-hour halt a day back, the upside price uptrend was not impacted, and the bulls were still able to take the price back above the psychological $100 mark (roughly Rs. 8,299),” the CoinSwitch Markets Desk told Gadgets360.
The overall crypto market cap went up by 3.31 percent in the last 24 hours. At present, its valuation stands at $1.71 trillion (roughly Rs. 1,41,91,657 crore), showed CoinMarketCap.
Only a small number of altcoins saw losses on Thursday. These include Tether, USD Coin, Chainlink, Braintrust, and Augur.
The much-awaited Dencun upgrade, introducing “proto-danksharding” has also completed its final stage of testing on one of the Ethereum testnets, and is now awaiting a final date for the mainnet deployment. With Ethereum L2s gaining significantly in the form of lower transaction costs, L2s can be the coins to look out for in the next few weeks.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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