Majority of Cryptos See Gains Challenging Fears of Crypto Winter

Brimming with greens, the crypto price charts showed almost all popular cryptocurrencies opening with gains on Tuesday, February 8. Bitcoin registered a gain of 3.40 percent that escalated its trading value to $46,700 (roughly Rs. 35 lakh) on Indian exchange CoinSwitch Kuber. This is the first time in 2022 that Bitcoin prices have managed to jump beyond the mark of $45,000 (33.5 lakh) in India. The world's most valued cryptocurrency also seems to have performed well in international markets. Bagging profits up to 2.91 percent, BTC opened trading at around $44,069 (roughly Rs. 33 lakh) on exchanges like CoinMarketCap and Binance.

Ether accompanied Bitcoin on the gain trail and saw a profit of 3.08 percent. As per Gadgets 360's crypto price tracker, the cryptocurrency is trading at $3,336 (roughly Rs. 2.5 lakh) in India. On international exchanges, ETH values are fluttering around $3,147 (roughly Rs. 2.30 lakh).

The overall crypto market has shown a speedy recovery in the second week of February, something that crypto experts had predicted at the start of this year.

Tether, Binance Coin, USD Coin, Ripple, and Polkadot continued to progress on the gain trail for the second consecutive day.

Meme coins DOGE and SHIB also maintained their climb up the gain ladder for the second day. Dogecoin gained 3.40 percent to trade at $0.18 (roughly Rs. 13.15) while Shiba Inu prices touched $0.000036 (roughly Rs. 0.002666) with fresh gains of 20 percent.

“Cryptocurrency investments suffered record outflows in January with investors pulling $61 million (roughly Rs. 455 crore) from digital asset vehicles each week. As the crypto sector tracks its recovery and showing signs of improving investor sentiment, its market resilience are a reassuring sign of the long-term confidence in the digital asset industry,” the research team at CoinDCX told Gadgets 360.

Industry experts have also highlighted India's role in bringing recovery back to the crypto market.

“With India making greater inroads into digital assets with more clarity on crypto tax and announcing the digital Rupee, we can anticipate greater institutional acceptance of the crypto sector in South Asia and beyond,” the CoinDCX team added.

Meanwhile, Solana, Binance USD, and Baby Doge Coin saw minor losses on the price charts.

Industry insiders remain hopeful that with time, the market volatility that impacts the crypto sector would subside in due time.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.