The cryptocurrency market has risen again and Bitcoin rallied strongly on Sunday after seeing a sharp drop in price on Friday and Saturday, following news of a crackdown on crypto in China. Over the weekend, many leading cryptocurrencies bounced back on Sunday, after spending most of Saturday in the doldrums, and on Monday, September 27 Bitcoin opened with a minor spike of 2.93 percent. The world's most valued cryptocurrency is presently trading at Rs. 34,73,734 ($47,103). It was not the only cryptocurrency to see this kind of a bounce-back either, as confidence in the market returned.
Ether (ETH) cryptocurrency is trading at Rs. 2,47,293 (roughly $3,353) as we write this. Last Friday on September 24, the world's second-largest cryptocurrency also saw a drop, but the losses are being recouped by the 24-hour exchange value spike of 9.39 percent.
Given the fresh statistics, analysts feel this would be a positive week for crypto investors.
“The past 24 hours witnessed the total cryptocurrency market capitalisation going past the $1.96 trillion (Rs. 1,44,54,277 crores) mark. With this increase, the total traded volumes went more than 8.5 percent higher. It indicated that the outlook for the week is positive. Bitcoin's dominance increased marginally and now stands over 42.5 percent,” Edul Patel, CEO and Co-founder of crypto-investment platform Mudrex told Gadgets 360.
This week, cryptocurrencies are expected to witness some interesting fluctuations in the backdrop of China's ban.
China has warned all crypto investors and traders that if found indulging in "illegal financial activities", they will be treated as criminals, and will be prosecuted.
According to data from Bybt, a cryptocurrency trading and information platform, over $418 million (roughly Rs. 3,085 crores) were wiped off the market while more than $326 million (roughly Rs. 2,406 crores) were liquidated by 80,563 traders on September 25. The initial panic paved way for the market stability at the time.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.