Crypto Market Watch: Bitcoin Hits $30,500 Mark, Ether Joins Tether and Cardano in Seeing Small Dips

Bitcoin on Wednesday, June 28, touched its highest value so far in 2023, paving way for optimists to believe that the cryptocurrency could soon shoot to a new all-time high. At the time of writing, Bitcoin was trading at the price point of $30,500 (roughly Rs. 25 lakh), reflecting a small profit of 0.33 percent next to it. BlackRock’s Bitcoin ETF plans have been a major propellor of Bitcoin’s price rally. In the last 24 hours, the asset value of Bitcoin rose by $120 (roughly Rs. 9,845). Bitcoin is still significantly far from its last all-time high of $68,000 (roughly Rs. 55.7 lakh), which was recorded in November 2021.

“BTC briefly surged after news broke that Fidelity plans to file for a spot Bitcoin ETF. The price rose to $31,000 (roughly Rs. 25.4 lakh) but quickly reverted to $30,500 (roughly Rs. 25 lakh). Fidelity’s previous ETF application was rejected in 2022. BlackRock’s iShares unit also filed for a spot Bitcoin ETF in June,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

Ether, which usually follows Bitcoin’s market movement, did not do so on Wednesday. The second most valued cryptocurrency saw a minor dip of 0.25 percent to trade at $1,868 (roughly Rs. 1.53 lakh) as June 2023 comes closer to its end.

When BTC and ETH take different trade routes, the crypto chart automatically splits into two.

USD Coin, Ripple, Dogecoin, Polkadot, and Bitcoin Cash, for instance, minted profits and tagged behind Bitcoin.

It is noteworthy that not a lot of cryptocurrencies recorded gains today. Bitcoin’s price surge is specific to the asset, not leaving a lasting impact on all altcoins on the price chart.

Tether, Binance Coin, Cardano, and Tron joined ETH on the loss-making side of Gadgets 360’s crypto price chart.

The prices of Solana, Litecoin, Polygon, Avalanche, and Shiba Inu are also on a tumble.

For the third consecutive day, the valuation of the crypto sector remained unchanged at $1.18 trillion (roughly Rs. 96,87,576 crore), as per CoinMarketCap.

The crypto fear and greed index has climbed three points to stay in the greed zone with a score of 62/100.

“The most traded crypto pair ETH/BTC saw a drop to its 11-month low. Most altcoins, except notably Bitcoin Cash, continued to trade lower as Bitcoin dominance, which currently stands at 51.8 percent, continues to rise and continues to show a rise,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

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