Bitcoin on Friday, December 1 managed to see a small gain of 0.29 percent. The value of Bitcoin at the time of writing, stood at $37,904 (roughly Rs. 31 lakh). In the last 24 hours, the value of Bitcoin has risen in value by $38 (roughly Rs. 3,165). Explaining the market condition, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360 that the buying pressure on BTC continues to surpass the selling pressure, suggesting that investors’ confidence is sustained and optimistic.
Ether minted a profit of 2.43 percent on Friday. With this, the value of Ether rose to $2,089 (roughly Rs. 1.74 lakh) in the last 24 hours.
“This uptick in value may be attributed to recent news of MicroStrategy (MSTR) acquiring nearly 16,130 BTC, worth around $608 million (roughly Rs. 5,064 crore) in November. This development has nurtured a positive sentiment among market participants, pushing prices upwards and creating a bullish market sentiment. Meanwhile, the US SEC has requested comments on Fidelity’s spot Ether ETF application from the general public. Ethereum, on the other hand, is trading range bound between the $2,000 (roughly Rs. 1.66 lakh) and $2,100 (roughly Rs. 1.74 lakh) levels,” Edul Patel,Co-Founder & CEO, Mudrex told Gadgets360.
Cryptocurrencies trading in the greens today alongside Bitcoin and Ether include Ripple, Solana, Dogecoin, Tron, Chainlink, Avalanche, and Polygon.
Small profits were also reflected by Polkadot, Shiba Inu, Leo, Uniswap, Cosmos, and Stellar.
The overall crypto market cap rose by 1.05 percent in the last 24 hours to stand on the mark of $1.44 trillion (roughly Rs. 1,19,97,259 crore), showed CoinMarketCap.
“The US SEC has requested comments on Fidelity’s spot Ether ETF application from the general public. This development has nurtured a positive sentiment among market participants, pushing prices upwards and creating a bullish market sentiment,” Patel added.
A new JP Morgan research also shows that DeFi and NFT activity has also witnessed a revival in recent months after two years of slowdown.
Meanwhile, cryptocurrencies that were dealt with losses today include Binance Coin, Cardano, Litecoin, Cronos, and Binance USD.
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