The cryptocurrency price chart reflected more gains than losses on Wednesday. Bitcoin showed a gain of .74 percent while trading at the price of $25,766 (roughly Rs 21.4 lakh). This reward for gains for most cryptocurrencies is created in the context of Grayscale Investments telling the US SEC that there are no valid reasons to reject the conversion of its Bitcoin ETF. According to market analysts, Bitcoin is up 53 percent year-to-date, despite being 62 percent lower than its all-time high of $68,000 (roughly Rs 56.4 lakh) which was recorded in November 2021.
Ether continues to trade in a tight range. The second most expensive cryptocurrency is currently trading at $1,632 (roughly Rs. 1.35 lakh) after posting a 1.11 percent gain.
Tether, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, Solana, and Polygon are among other cryptocurrencies posting small but significant gains. Polkadot, Shiba Inu, Bitcoin Dollars, Avalanche, Chainlink, and Binance USD, all trades in the green also showed minor gains.
“In a positive development, Solana’s native SOL token (+5.11 percent) has been seeing positive price action since last night,” Shubham Hudda, a senior manager at CoinSwitch Marketplaces Desk, told Gizmos 360.
“This price action was a result of the announcement that traditional payment giant VISA is expanding its stablecoin settlement capabilities to the Solana blockchain. VISA has already been working with USDC on the Ethereum chain to modernize existing cross-border payment services,” Hudda noted.
The standard valuation of the crypto sector rose .37 percent in the last 24 hours to reach a valuation of $1.04 trillion (approximately Rs 86.39.077 crore), according to CoinMarketCap.
Among a small number of cryptocurrencies that suffered losses today, Litecoin left a mark.
Stellar, Monero, Cronos, Braintrust, Circuits of Value, and Augur also posted losses on Wednesday.
With more cryptocurrency-related initiatives seeing the light of day, analysts believe that the future of the cryptocurrency sector does not look so bleak.
“Coinbase, for example, has introduced a new cryptocurrency lending service designed for institutional investors, potentially raising some optimism among market participants,” Edul Patel, CEO and co-founder of the investment platform at Coinbase, told Devices 360. Mudrex cryptocurrencies.
Meanwhile, India is preparing to host the two-day G20 summit in New Delhi from September 9. As part of its current G20 presidency, India has spearheaded the task of drafting cryptographic rules that work internationally. Updates on the matter are expected to be revealed during these meetings or in December when India’s presidency over the G20 group would conclude.
By Leonardo Pérez
