Profits Return to BTC; Market Cap of Crypto Sector Exceeds $1 Trillion

Majority cryptocurrencies opened with gains on Wednesday, July 20, giving the crypto price charts a healthy glow of green. With profits of 6.10 percent, BTC swelled up in value to touch the rate of $23,917 (roughly Rs. 19 lakh), as per Indian exchange CoinSwitch Kuber. The oldest cryptocurrency in the world is also seeing gains on international exchanges. As per Binance and CoinMarketCap for instance, BTC has opened trading today at around $23,317 (roughly Rs. 18.66 lakh) with a price hike of around five percent. This is the first time in months that BTC has come close to costing almost $24,000 (roughly Rs. 19.18 lakh).

Slightly smaller than Bitcoin's, but gains also came to Ether as the altcoin grew in value by 3.80 percent. As per Gadgets 360's crypto price tracker, ETH's current value stands at $1,610 (roughly Rs. 1.28 lakh).

All popular stablecoins including Tether, USD Coin, and Binance USD saw gains.

Cardano Ripple, Solana, Polkadot, and Polygon also emerged among gainers today.

In fact, even Dogecoin and Shiba Inu grew by over five percent and six percent respectively.

Currently, DOGE is trading at $0.071 (roughly Rs. 5.70) and SHIB is priced $0.000013 (roughly Rs. 0.001006).

While most altcoins are clearly on the route to recovery from the recent market slump, Terra has failed to break out of its crashed frame. Terra's LUNA token has been seeing more losses than gains.

Among a small number of loss-making cryptocurrencies, SushiSwap, DogeFi, Bitcoin Hedge, and Underdog marked their respective presence.

After weeks, the market cap of the crypto sector has finally exceeded the trillion-dollar mark. Currently, the market valuation of the crypto sector stands at $1.061 trillion (roughly Rs. 84,88,445 crore).

In other related development, the price of ApeCoin has been showing persistent growth after Yuga Labs' Bored Ape Yacht Club (BAYC) opened its Otherside metaverse for business and invited 4,300 “Voyagers” who had bought ‘Otherdeeds' (digital land deeds) for a first-look tech demo and tour last Saturday.

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.