Once again, Bitcoin, the leading cryptocurrency, has surpassed $100,000. On December 12, it hit a remarkable high of $101,014 (about Rs. 85.7 lakh) on international markets. This is Bitcoin’s second ascent this month, surpassing this major milestone. Data from CoinMarketCap shows that Bitcoin’s value jumped 3.66 per cent in a single day. Bitcoin increased by over 3% on Indian platforms like Giottus and CoinSwitch, trading around $100,727 (about Rs. 85.4 lakh). From its start in 2009 to its current valuation, Bitcoin has undergone tremendous changes. In October 2010, its value increased from $0.10 to $0.20 (roughly Rs. 8.50 to Rs. 16.9).
Bitcoin Price Driven by CPI Data
The current price of Bitcoin is the result of several variables. According to Edul Patel, CEO of Mudrex, market confidence has been lifted by predictions of a 25-basis-point rate drop at the next Federal Reserve meeting, which follows favourable Consumer Price Index (CPI) data. Because of this expectation, Bitcoin and other cryptocurrencies are doing well. According to Patel, the next level of resistance for Bitcoin is $103,500 (or about Rs. 87.8 lakh), while the level of support is $98,400 (or about Rs. 83.5 lakh).
Crypto Market Hits $200B Stablecoin Milestone
As Bitcoin’s value has increased, the Crypto Market Surges sector as a whole has grown at an astounding rate. According to experts, the market is reviving, and many cryptocurrencies are experiencing rises. According to BuyUCoin CEO Shivam Thakral, the stablecoin industry has achieved a new milestone with a market valuation of over $200 billion (or over Rs. 16,97,209 crore). The surge in demand for solid assets and widespread usage across many financial applications, including payments and remittances, has propelled this milestone to a 13% increase in only one month.
According to Gadgets360’s reporting, other cryptocurrencies are also trading well: Dogecoin, Tron, Ripple, Binance Coin, Ether, Cardano, Chainlink, and Shiba Inu. On Thursday, according to CoinMarketCap, the total market valuation for cryptocurrencies increased by 5.41% over the past 24 hours, reaching $3.65 trillion (about 3,09,71,199 crore). Nevertheless, during that time, several cryptocurrencies suffered losses. These included Elrond, Tether, Solana, USD Coin, and EOS Coin.
Exercise Caution in Crypto Investment
While the recent boom in Bitcoin and the Crypto Market Surges industry is encouraging, we must exercise caution in dealing with this unpredictable sector. Cryptocurrency is not yet legal tender because it is unregulated digital money. Everyone should be aware of the risks associated with investing in the market. Do not consider the data shown here to be trading or financial advice. Prospective investors should always take their financial status and research results seriously before making any investment decisions.
FAQs
What is the current level of resistance and support for Bitcoin?
According to Edul Patel, the next level of resistance for Bitcoin is $103,500, while the level of support is $98,400.
How has the cryptocurrency market grown recently?
The cryptocurrency market has experienced significant growth, with stablecoin industry valuation crossing $200 billion. Other cryptocurrencies like Dogecoin, Ethereum, and Binance Coin have also seen gains.
What milestone did the stablecoin industry achieve?
The stablecoin market reached a $200 billion valuation, marking a 13% increase in just one month.
Should I invest in cryptocurrency?
While the market is booming, experts advise caution due to its unpredictable nature. Cryptocurrencies are unregulated digital currencies, and investors should consider their financial status and research before making any investment decisions.
