Bitcoin opens with small gains, Stablecoins join ETH and SOL in seeing losses

Bitcoin opened with a small gain of 0.59 percent on Wednesday, January 11. Although the gains were small, Bitcoin managed to maintain its recently increased price. The oldest crypto asset is currently priced at $17,385 (approximately Rs. 14.2 lakh). In terms of numbers, the value of Bitcoin has increased by $195 (approximately Rs. 15,952) in the last 24 hours. However, the overall crypto price charts reflected red next to a number of cryptocurrencies.

Ether forged its own trajectory rather than following Bitcoin. ETH value fell 0.23 percent, taking the price to $1,327 (approximately Rs. 1.08 lakh), Gadgets 360’s crypto price tracker showed.

With small gains, both meme coins Shiba Inu and Dogecoin rallied behind Bitcoin and made an impression.

Profits were further recorded by Tron, Avalanche, Wrapped Bitcoin, Monero and Elrond.

Relatively less high-profile cryptocurrencies, including Zcash, Iota, SushiSwap, and BrainTrust, also emerged as profitable altcoins.

The overall valuation of the crypto market is up 0.75 percent in the past 24 hours. At the time of writing, the global crypto market cap stood at $855.68 billion (approximately Rs. 69,94,181 crore), revealed CoinMarketCap.

It is noteworthy that in the first ten days of 2023, the global crypto market capitalization has increased by $55 billion (approximately Rs. 4,49,622 crore).

“The spike in value can be attributed to the accumulation of whales over the past two days. If Bitcoin can maintain this upward momentum, it could reach the resistance level of $17,500 (approximately Rs. 14.2 lakh) by the end of the week,” said Edul Patel, the CEO and co-founder of crypto investment platform Mudrex, to Gadgets 360.

Despite the cumulative gains made by the crypto industry, some altcoins are still seeing daily losses.

Today, stablecoins such as Tether, USD Coin, Ripple, and Binance USD opened with price drops.

Binance Coin, Cardano, Polygon, Polkadot, Solana and Litecoin – also entered the trading market with price drops.

While several countries are expected to introduce their respective crypto laws in the year 2023, Nepal has decided to all take a different route.

Nepal’s telecom regulator this week ordered all internet service providers (ISPs) to take down all crypto trading platforms there. Those ISPs that fail to follow directions have been threatened with serious legal action.

On the other hand, Israel, taking a more pro-crypto approach, has opened the drafted crypto rules to public comment before officially sealing them in the coming days.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information in the article is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss resulting from an investment based on any observed recommendations, forecasts or other information contained in the article.

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