Bitcoin Smashes Past $59,000 to Start the Week as Altcoins Struggle to Register Gains


Bitcoin, after a strong push to $56,000 last week, started the week with a big push to $59,000 on Monday morning, up 3.49 percent. Trading currently at Rs. 44,32,540 (about $59,390), the world’s most popular crypto-asset, has set its sights on a new all-time high after week-on-week figures already showing a 20 percent climb. Although it looks like a resistance was forming when the price hit $56,000, now that the price has crossed the mark, another rally could occur.

Gadgets360 cryptocurrency price tracker Turns out that altcoins are not making big moves like Bitcoin Is. Ether’s valuation more or less remained the same, with a slight climb of 0.73 percent over the past 24 hours. The week began on the valuation of the second most valuable cryptocurrency Rs. 2,75,960 (around $3,698) after a decent climb last week. NS ethereum-based coin It is not bullish like bitcoin yet, but the price has mostly been in the green in recent weeks.

Further down in pecking order of popular crypto-coins, cardano, Wave, polka dot And uniswap The week has had a bad start, while dogecoin Prices also continue to fall. DOGE traded lower by 3.95 per cent on the rupee after a sharp jump early last week. 18.45 (about $0.24). Meanwhile, the ‘Doge-killer’ Shiba Inu continues to climb, with a growth of 1.92 percent at the time of writing.

“Over the past 24 hours, the crypto markets have experienced steady growth. The largest cryptocurrency by market cap – bitcoin is continuing its massive rally and is eyeing a profitable session over the next 24 hours. Traders are watching the markets close. Because the RSI is at 62 and the Fear and Greed Index is at 71,” says Edul Patel, CEO and co-founder of Mudrex.

Last month, China imposed a complete ban on the trading and mining of crypto-assets, with the country’s central bank promising to purge ‘illegal’ cryptocurrency activities. The country has now gone ahead and added cryptocurrency mining to a draft list of industries that have investments (both foreign and local). prohibited or prohibited.

On the other hand, American investment banking giant JP Morgan wrote: Note to Investors Pointing out that bitcoin may be a better hedge against inflation than gold.

Bitcoin proponents have claimed for some time now that the cryptocurrency promises better and faster returns than gold and many prefer it as a store of value. That said, there has been a resistance to the switch, given bitcoin’s volatility and lack of a clear growth trajectory.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain of classGadgets 360 Podcast. orbital is available Apple Podcasts, google podcasts, Spotify, amazon music And wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.