Bitcoin Price Rises Above $47,000 After a Week-Long Slump

Bitcoin finally witnessed a hike in exchange values after almost a week of witnessing slumps. On Thursday, September 23, Bitcoin price rose by 4.41 percent and the cryptocurrency began trading in India at Rs. 34,88,719, or roughly $47,237.26. This is the first time since last week that Bitcoin prices saw a rise. Analysts had suspected that recent disruptions in China's real estate market owing to a $300 billion (roughly Rs. 22,15,657 crores) debt issue from a Chinese developer. Along with Bitcoin, the day has begun on a positive note for other cryptocurrencies including Ethereum and Cardano, among others.

Ethereum, world's second most valued cryptocurrency, witnessed a whopping 8.65 percent hike in exchange rates. It is currently trading at Rs. 2,47,030.28 (roughly $3,344.79). Other cryptocurrencies such as Cardano, Ripple, Polkadot as well as the meme-based Dogecoin witnessed spike in exchange rates.

Click here to check out the current prices for most leading cryptocurrencies.

“The past 24 hours were relatively better for the cryptocurrency market compared to the performance through the rest of the week. With this minor recovery, the global crypto market cap managed to rise more than 3.2 percent. The coming 24 hours might be crucial for the crypto markets as there would be a constant tussle between the bulls and the bears,” Edul Patel, CEO and co-founder of crypto investment platform Mudrex told Gadgets 360.

For now, cryptocurrencies Tether and USD Coin have witnessed marginal dips.