Majority Altcoins Follow Bitcoin, Ether to Pump Up in Values: Details

After days of registering slumps, Bitcoin finally managed to open Thursday, December 16 with meaningful value gains. The world’s oldest cryptocurrency is currently trading at $ 51,190 (roughly Rs. 39 lakh) on Indian exchange CoinSwitch Kuber. Registering a gain of 1.15 percent, Bitcoin is currently trading at $48,714 (roughly Rs. 37 lakh) on international exchanges like CoinMarketCap.

Ether added 2.23 percent to its per token trading value which currently stands at $4,192 (roughly Rs. 3 lakh) as per Gadgets 360’s crypto price tracker.

Cardano, Ripple, Polkadot, Polygon, Litecoin , and Uniswap also pumped in values with minor changes.

Among rival meme-based dog coins Dogecoin and Shiba Inu, the former witnessed a value dip of 2.67 percent, whereas the latter gained 0.78 percent.

Tether, USD Coin, and Bitcoin Cash failed to bulk up today and opened with losses.

Recently, the US Federal Reserve made cuts to its COVID stimulus in reaction to the rising inflation. Fearing possible debasement of the US dollar, investors are now turning to the crypto space bringing positive changes in the overall market momentum.

“As the US’ inflation rate rises to a near 40 year high, and coupled with the withdrawal of the stimulus, there may be greater headwinds for Bitcoin and the wider crypto market,” the CoinDCX team told Gadgets 360.

Ahead of the Christmas and New Year festivities, several crypto-related firms in the US are rolling out crypto gifting options to their customers.

Jack Dorsey’s online payments company Block also enabled Bitcoin gifting option for its customers.

PayPal and Coinbase are also allowing users to wrap up crypto assets as gifts and payments for third parties.