On Thursday, Bitcoin, the most expensive cryptocurrency, showed a gain of 0.72 percent, reaching a price of $29,370 (approximately Rs. 24 lakh). After a period of decline on the crypto price chart, Bitcoin has started to show modest gains. In the last 24 hours, its price rose by $219 (around Rs. 17,946), coinciding with the US raising interest rates by 0.25 percent, reaching a 22-year high.
Ether, another popular cryptocurrency, also experienced gains on Thursday. It recorded a profit of 1.07 percent, with its value reaching $1,873 (roughly Rs. 1.53 lakh). While Ether has managed to maintain its price near the $2,000 mark (approximately Rs. 1.63 lakh), it has not surpassed it.
Several other cryptocurrencies also registered gains on Thursday, including Tether, Ripple, Binance Coin, USD Coin, and Cardano. Overall, the crypto market valuation increased by 0.54 percent in the past 24 hours, with the total market cap standing at $1.19 trillion (roughly Rs. 97,51,276 crore) according to CoinMarketCap data.
The crypto fear and greed index remains in the neutral zone, with a score of 51/100.
While most cryptocurrencies saw gains, a few experienced losses on Thursday. Dogecoin, for instance, lost momentum after the initial excitement surrounding Twitter’s rebranding to ‘X.’
Regarding the US Federal Reserve’s interest rate decision, Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, suggested that the crypto market may react more positively when the rates are cut again, which is expected to happen around the middle of next year, coinciding with BTC halving.
In other news, MakerDAO (MKR), the third-largest DeFi protocol with a total value locked of $5.5 billion (approximately Rs. 45,108 crore), is considering increasing the savings rate of its stablecoin, DAI, to eight percent. If approved, this would be one of the highest rates among all DeFi protocols. MKR has seen a pump in its price due to this development and is currently trading near its one-year high.