The overall crypto market is gaining after the US introduced cuts in interest rates around last week. On Friday, September 27, price gains for Bitcoin were seen at 3.09 percent on international exchanges and at 2.4 percent on national exchanges. The price of BTC stood at $65,314 (approximately Rs 54.6 lakh) on foreign exchanges at the time of writing on CoinMarketCap. Indian exchanges, meanwhile, indicate it trading at $66,251 (approximately Rs. 55.4 lakh).
This has taken Bitcoin close to $65,000 (roughly Rs. 54.3 lakh) for the first time since early August. This rally of sorts also continues to benefit from recent interest rate cuts by the U.S. Federal Reserve and macroeconomic conditions. Additionally, investor interest in spot Bitcoin ETFs continues to experience a resurgence,” said Shivam Thakral, CEO at BuyUcoin.
Ether gained 0.81 percent to trade at $2,695 on Indian exchanges like CoinDCX on Friday according to the Gadgets 360 crypto price tracker. Globally, ETH at $2,648.
Avinash Shekhar, Co-Founder and CEO, Pi42 said in an interview with Gadgets360, “There’s an important level for Ethereum as it needs to remain over the support level of $2,600 (approximately Rs. 2.17 lakh) to keep on to the momentum. Optimism is that the gains in BTC and other assets can lead to changes in positive market sentiments. ”
Solana, Ripple, Cardano, Avalanche, Shiba Inu, Polkadot, and Near Protocol also showed strength along with BTC and ETH on Friday.
Cronos, Cosmos, Polygon, Zcash, and Bitcoin SV were also up.
The overall crypto market cap had gone up by 3.10 percent over the past 24 hours, and the valuation of the sector is now standing at $2.3 trillion (around Rs. 1,92,48,723 crore), as per CoinMarketCap.
On the other hand, Binance Coin, USD Coin, Dogecoin, Tron, and Chainlink closed Friday in the red. Leo, Litecoin, Uniswap, and Stellar also declined.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.