By: Shayak Majumder | Updated at : 26 Oct 2022 10:31 AM (IST)
Bitcoin price stood at $20,276.82 on Wednesday morning. ( Image Source : Alesia Kozik/Pexels )
Rishi Sunak’s appointment as the new UK Prime Minister appears to have offered a much-needed boost to crypto prices. Following the pro-crypto Conservative leader’s appointment, Bitcoin (BTC) price climbed above the $20,000 mark after weeks of slump. Ethereum (ETH) emerged to be one of the biggest gainers, with a jump of over 10 per cent in the last 24 hours. Other popular altcoins — including the likes of Dogecoin (DOGE) and Solana (SOL) — saw a rally in prices across the board. The Toncoin (TON) token emerged to be the biggest gainer in the last 24 hours, with a gain of nearly 24 per cent.
At the time of writing, the global crypto market cap stood at $978.31 billion, registering a gain of 4.95 per cent in the last 24 hours, as per CoinMarketCap data.
Bitcoin price stood at $20,276.82, seeing a 24-hour jump of 4.75 per cent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 17.26 lakhs.
ETH price stood at $1,487.31, marking a 24-hour gain of 10.42 per cent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.27 lakhs.
DOGE registered a 24-hour gain of 9.10 per cent as per CoinMarketCap data, currently priced at $0.06585. As per WazirX, Dogecoin price in India stood at Rs 5.44.
Litecoin saw a 24-hour gain of 6.74 per cent. At the time of writing, it was trading at $56.41. LTC price in India stood at Rs 4,734.01.
XRP price stood at $0.4613, seeing a 24-hour gain of 2.84 per cent. As per WazirX, Ripple price stood at Rs 39.48.
Solana price stood at $31.16, marking a 24-hour jump of 9.37 per cent. As per WazirX, SOL price in India stood at Rs 2,551.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
24-hour gain: 23.55 per cent
Lido DAO (LDO)
24-hour gain: 10.81 per cent
24-hour gain: 10.80 per cent
Ethereum Classic (ETC)
24-hour gain: 10.45 per cent
24-hour gain: 10.44 per cent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
24-hour loss: 5.33 per cent
24-hour loss: 3.84 per cent
24-hour loss: 2.92 per cent
24-hour loss: 2.22 per cent
Neutrino USD (USDN)
24-hour loss: 1.36 per cent
Mudrex co-founder and CEO Edul Patel told ABP Live, “The global crypto market cap saw a 4.60 per cent increase in the last 24 hours. The momentum is likely to continue for at least the next few days. A portion of this upward movement can be attributed to the election of Rishi Sunak as the UK’s Prime Minister. He is pro-crypto, and his stance towards digital assets could meaningfully change UK’s crypto regulation. BTC price stagnated during the past week before rising by 3.74 per cent over the past 24 hours. BTC constantly tested the $19,000 support level and is currently over $20,000. Similarly, ETH tried to beat the $1,300 support level, but it stayed strong and is close to $1,500.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Both Bitcoin and Ethereum are gaining momentum as Wall Street puts together several strong sessions. The economy is showing further signs of weakening and that is helping investors grow in confidence that the US Fed will be in a better position to reduce the pace of tightening after next week’s FOMC meeting. The cryptocurrency market is recovering today as the price of Bitcoin topped $20,000 for the first time in weeks, Ethereum rose above $1,500 for the first time since the post-merger crash, and the overall market topped $1 trillion after three weeks below that mark.”
weTrade founder Prashant Kumar offered his take on the market scenario as well, “Diwali bonanza seems to continue for crypto investors as the global market cap saw an approximately 5 per cent rise over the past 24 hours. Bitcoin rallied and broke the $20,000 mark for the first time in three weeks. Ethereum also saw big gains of approximately 10.5 per cent, taking it closer to $1,500. Positive momentum around the appointment of UK prime minister Rishi Sunak and global markets also helped the market.”
Shivam Thakral, the CEO of BuyUCoin, said, “Bitcoin jumped by 4.52 per cent to breach the $20,000 mark after three weeks and Ether also surged by over 10 per cent to touch the $1,500 mark, resulting in a mini rally across popular crypto assets. The overall crypto market cap reached $976 billion which is an impressive jump of 5 per cent with Bitcoin and Ether leading the effort. In the altcoin space, DOGE, MATIC, SOL, and AVAX witnessed a healthy jump in their prices with ADA registering double-digit growth in the last 24 hours. Institutional investors are increasing their holdings in Bitcoin and other crypto assets before the price increase which is driving the latest price surge. The UK has also seen a leadership change and with new Prime Minister making a positive first speech about economic revival has created positive sentiments among the investor community. The surge in crypto companies stocks like Coinbase and Microstrategy may have contributed to the latest rally in the crypto market.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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