Bitcoin trades above $31,000, crosses $1.3 trillion market cap for first time since April
Falling inflation has been seen as a bullish sign for markets, however, crypto markets, which had hoped for a boost, remain in a consolidation phase.
Bitcoin (BTC) witnessed a surge, reaching a one-year high above the $31,700 level, following a positive federal court decision for Ripple. After consolidating its gains, BTC is now trading at the $31,400 level, showing a 4 per cent increase in the past day. It has also demonstrated strong performance, with a 3 per cent gain month-to-date and an impressive 89 per cent increase year-to-date, according to experts.
"Recent CPI announcement revealed that inflation in the United States continues to cool, with the regular CPI reaching 3 per cent YoY, slightly lower than the estimated 3.1 per cent. Moreover, the Core CPI for June stood at 4.8 per cent YoY, below the expected 5 per cent," CoinDCX Research Team told Republic.
"Crypto market has registered massive gains in the last 24 hours. The global crypto market capitalisation, up 6.3 per cent, has crossed the $1.3 trillion mark for the first time since April this year. The crypto fear and greed index has jumped 3 points to remain in the greed zone with a score of 60/100," Parth Chaturvedi, Investment Lead, CoinSwitch Ventures told Republic.
"Market gains have been triggered by a US court ruling which is partially in favour of Ripple. The court has stated that the trading of XRP amongst retail investors can't be dubbed as a securities sale," Alankar Saxena, CTO, Mudrex told Republic.
Prices listed were last checked at 10:00 am today according to Investing.com
Bitcoin (BTC)
Bitcoin surged to $31,400, reflecting almost a 5 per cent increase in the last seven days. The 24-hour price has surged by 3.6 per cent with the market cap increasing to $611.38 billion.
Ethereum (ETH)
Ethereum, the second-largest, also matched Bitcoin's performance, with the price increasing to $2,009.47 with a 8.3 per cent increase in the last seven days.
Dogecoin (DOGE)
Dogecoin gained 9.5 per cent to $0.070893 in the last 24 hours. It has gained 8.3 per cent in the last seven days with the market cap increasing to $9.93 billion.
Litecoin (LTC)
Litecoin has gained 5 per cent in the last seven days with a market cap increasing to $7.43 billion.
Solana (SOL)
Solana gained a 45 per cent surge in the last seven days with a market cap of $11.56 billion.
Ripple (XRP)
Ripple's value gained 72 per cent and became the fourth largest crypto with a market cap of $42.39 billion.
Published By : Mannu Mathew
Published On: 14 July 2023 at 10:52 IST