Bitcoin, ETH rally with profits, majority cryptocurrencies follow

Most cryptocurrencies started to move towards gains as the year 2023 entered its second month. On Thursday, February 2, Bitcoin opened with a 3% gain to trade at a price of $23,884 (roughly Rs. 19.5 lakh). On international exchanges, BTC saw gains of around 3.50% to trade at a similar value. In the past 24 hours, Bitcoin has risen by $755 (roughly Rs. 61,782). With the price of BTC skyrocketing, the majority of altcoins are enjoying benefits.

Ether opened with bigger gains than Bitcoin. The second most popular cryptocurrency rose 5.42% on Thursday. According to crypto price tracker Gadgets 360, ETH is trading at a price of $1,670 (roughly Rs. 1.36 lakh). The cryptocurrency has seen a growth of $87 (about 7,120 rupees) since its last day price.

Binance Coin, Cardano, Polygon, Solana, Polkadot, Litecoin and Avalanche – opened with gains.

Shiba Inu and Dogecoin, the same two coins recorded small but significant profits.

Meanwhile, stablecoins such as USD Coin and Binance USD emerged among the handful of altcoins that opened with losses today.

Chainlink, Leo, and Near Protocol also saw price declines.

Overall, the crypto market valuation has increased by 3.78% in the last 24 hours. According to CoinMarketCap, the value of the global crypto sector currently stands at $1.09 trillion (roughly Rs. 89,37,432 crore).

The year 2023 has started on a high note for cryptocurrencies, most of which are recovering from last year’s slump. Despite its element of volatility, the crypto sector has somehow protected itself against a ban in the most populous country in the world, India.

India got its Union Budget for the year 2023-2024 on February 1, under which Finance Minister Nirmala Sitharaman did not talk about restricting the crypto industry in the country.

In fact, Sitharaman hasn’t touched on the topic of crypto at all, which has left industry players expecting tax breaks a bit disappointed.

“While many crypto industry executives had high expectations of the union 23-24 budget and demanded key reforms such as reducing the TDS rate from 1% to 0.01% and clarifying the taxation, I honestly did not have high hopes. It is best to wait until the Indian government fully understands what cryptocurrency is and the value it can bring to the Indian economy. Overall, this budget is very considerate knowing that the government is still trying to understand crypto and not saying anything about crypto,” Kumar Gaurav, Founder and CEO of Cashaa told Gadgets 360. Launched in 2017, Cashaa is a neo-bank that works with crypto companies.

Cryptocurrency is an unregulated digital currency, which is not legal tender and is subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss resulting from any investment based on any perceived recommendation, forecast or any other information contained in the article.