The world’s most well-known and high-priced cryptocurrency, Bitcoin, posted a modest 1.04 percent gain on Thursday. It is currently selling for $27,327 (approximately Rs. 22.5 lakh) on both domestic and international cryptocurrency markets. Bitcoin’s value increased by $147 (about Rs. 12,115) in the last day. While the price of Bitcoin is gradually rising, the market for digital collectibles has seen a huge boom in Ordinal NFTs, which were created on the Bitcoin blockchain. Given that Bitcoin has the highest capitalization among all cryptocurrencies, Tether is also investing some of its revenues in it.
Ethereum’s value rose by a negligible 0.05 percent on Thursday. According to the cryptocurrency price monitoring by a media website.It is interesting to note that for the past 24 hours, Ether’s trading value was unchanged.
“Bitcoin and Ether show resilience amid US debt ceiling negotiations, unaffected by potential turbulence. While crypto appears indifferent due to high liquidity, Tether diversifies reserves by investing 15 percent of profits in Bitcoin,” Rajagopal Menon, Vice President, WazirX stated according to a media source.
In the previous day, all-around value of the cryptocurrency market increased by 0.48 percent. According to CoinMarketCap, as of May 18, the value of the cryptocurrency market was $1.14 trillion, or roughly Rs. 93,78,650 crore.
Stablecoins connected to the US dollar, such as Tether, Ripple, and Binance USD, saw their prices slide in contrast to Ether and Bitcoin. Losses were also reported for Baby Doge Coin, Shiba Inu, Cosmos, Stellar, and Bitcoin Cash.
“Ripple’s native token surged the most among the top 50 tokens, driven by the recent developments in the ongoing battle between Ripple and the US Securities and Exchange Commission (SEC)”, the research team at the CoinDCX crypto exchange stated.
“The number of staked ETH tokens has reached 21.6 million, marking an increase of approximately 3.5 million within the month following the Shanghai upgrade. With the total supply of ETH tokens standing at around 120 million, the current staking participation rate has surpassed 18%, according to Glassnode data. These developments demonstrate the growing interest and confidence in ETH staking as an investment strategy,” their team continued.