The cryptocurrency market has witnessed quite mixed trends over the past 24 hours. The smaller virtual coins lost momentum, however Bitcoin (BTC) and Ether (ETH) gained slightly.
Bitcoin which is the world’s most popular cryptocurrency, was trading at $57,256 or 1.20 per cent higher than its price 24 hours ago. Bitcoin’s market capitalisation rose to $1.08 trillion while the 24-hour traded volume was $1.21 billion.
Meanwhile, Ether also gained marginally over the past 24 hours and was trading at $4,291.03. The cryptocurrency’s market capitalisation rose to $504 billion and the 24-hour traded volume stood at $811.74 million.
If we take a look at other cryptocurrencies, most of them declined due to weak momentum and low trade volumes. Most cryptocurrencies, including Solana, XRP, Cardano, Polkadot, Stellar, Dogecoin, Chainlink and Uniswap were trading in negative territory.
This mix trends have emerged after the news of the central government proposing to present a Bill on cryptocurrency. This Bill is to be presented in the upcoming Winter Session of Parliament to facilitate creation of the official digital currency to be issued by the Reserve Bank of India (RBI). The Bill named as “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”, will be up for introduction and passing in Parliament.
Be it Bitcoin or Tether, the prices of all cryptocurrencies on Indian crypto exchanges have fallen sharply. However, experts suggest that the government will not go for an outright ban majorly because of the fact that Indians have invested huge amount of money in cryptos.
Here are the latest trends of popular cryptocurrencies in past 24 hours:
|Cryptocurrency||Price (US Dollar)||24-hour change|