Festive boom in crypto market: Bitcoin, Cardano, Ripple, Dogecoin, Shiba inu boom

After recording a steady decline, the cryptocurrency market is heading towards a rapid recovery as Christmas approaches. On the Indian exchange CoinSwitch Kuber, bitcoin is trading at $51,484 (about Rs 38.8 lakh) per token, up 0.80 percent. In the past days, the low level of bitcoin in India has been around the mark of $ 50,000 (about Rs 37.7 lakh). The world’s oldest cryptocurrency is valued at $49,255 (approximately Rs 37.2 lakh) on global exchanges like CoinMarketCap.

Most of the altcoins including Cardano, Ripple, Dogecoin, Shiba Inu and Polygon have also posted good profits ahead of Christmas.

Ether Ether on the other hand has seen some losses. According to Gadgets 360’s crypto price tracker, this second most valuable cryptocurrency after bitcoin is trading at $4,230 (about Rs 3 lakh) per token. Ether has posted a marginal loss of 0.47 per cent and remains at around $4,000 (approximately Rs 3 lakh). Along with Ether, only Tether, USD Coin and Bitcoin SV have seen a decline.

This change in the market comes on the heels of a record $142 million (about Rs 1,073 crore) outflow into the digital asset fund. Due to the stability in the past few days, investor confidence in the crypto market was reduced.

Indian exchange CoinDCX told Gadgets 360 that the current muted trading activity of crypto does not indicate a decline in the industry, but a mature sector.

Crypto-related firms have raised over $30 billion (approximately Rs 2,27,617 crore) from venture capital firms globally this year, the largest collection ever. In 2018, this number was $ 8 billion (about Rs 60,704 crore).

The proposed bill being brought in the winter session of Parliament to ban private cryptocurrencies in the country has been put on hold for the time being. After this, the crypto space in India is also seen moving forward.

Indian exchanges like CoinSwitch Kuber and UnoCoin have introduced new crypto assets and features on their platform to connect more and more investors.