Bitcoin and Ethereum Prices Hover at Eight-Month High as Altcoin Values ​​Rise in Crypto Bull Market

The international cryptocurrency market appears to be increasingly bullish with Bitcoin and several other altcoins seeing price increases over the weekend. Bitcoin opened trading on Monday at $29,960 (roughly Rs. 24.5 lakh) with a small increase of 0.75% in value. The oldest cryptocurrency sits near the $30,000 mark (roughly Rs. 24.6 lakh) on both domestic exchanges like CoinSwitch and WazirX as well as international exchanges like CoinMarketCap and CoinDCX. Bitcoin has seen a 5.86% spike in value over the past week.

“Bitcoin hit a high of $31,005 (roughly Rs. 25.4 lakh) on April 14, marking its highest point since June 2022. This prompted bulls to lock in profits,” said Edul Patel, CEO of the Mudrex crypto investment platform at Gadgets 360.

Likewise, Ethereum continued to trade around its high prices on Monday. With a gain of 0.73%, Ether is currently trading at $2,097 (roughly Rs. 1.71 lakh). The second most expensive cryptocurrency after Bitcoin has seen an increase in value after completing its upgrade in Shanghai last week, which now allows Ethereum validators to withdraw their staked ETH tokens, increasing network liquidity.

“Ethereum, the second-largest cryptocurrency, hit a new 11-month high. new enthusiasm among investors after the successful upgrade of Shanghai,” says Patel.

Most altcoins saw increases in their values ​​on Monday, according to crypto price tracker Gadgets 360. These include Binance Coin, Polygon, Solana, Litecoin, and Avalanche.

Tron, Chainlink, Cosmos and Uniswap also posted profits.

“Following the current banking crisis, the bank’s lending practices may be further restricted, which could make investors bullish about crypto,” Rajagopal Menon, vice president of WazirX told Gadgets 360. The Overall valuation of the crypto market, as of April 17, stands at $1.27 trillion (roughly Rs. 1,03,94,808 crore), according to data from CoinMarketCap.

Despite the bullish momentum in the market, some cryptocurrencies registered slight declines in value on Monday. These include Ripple, Cardano, Polkadot, Shiba Inu and Elrond.

Industry insiders are of the opinion that the rules governing the crypto sector will make the sector safer from financial loss and instability in the future. India, under its year-long presidency of the G20 which began in December last year, is spearheading the drafting of crypto rules that will work internationally. Other G20 countries, as well as the World Bank and the IMF, are involved in India’s work on crypto.

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