Bitcoin (BTC) crossed $50,000 on December 7, while top meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) recovered from last week's fall.
Prices of Bitcoin rose 3.81 per cent in the last 24 hours and the coin was trading at $50,761.79 at 8:30 am, according to data from global crypto exchange coinmarketcap.com. Bitcoin’s dominance in the crypto market is currently 40.65 per cent with a decrease of 0.07 per cent over the day.
"Bitcoin is set for a short-term bounce, but the upside seems to be limited towards the $55,000-60,000 resistance zone. For the first time since April, weekly momentum indicators have turned negative. The market sentiment remains bearish at the moment," says Gaurav Dahake, CEO and founder of Bitbns, an Indian crypto exchange.
Ethereum went up 4.08 per cent in the last 24 hours and was trading at $4,326.33 at 8:30 am. Tether (USDT) was trading at $1, witnessing an increase of 0.06 per cent, while Solana (SOL), like other coins, recovered from its fall and was trading at $194.39, rising 0.28 per cent in the last 24 hours, coinmarketcap.com data showed.
Dogelon Mars (ELON), rose more than 20 per cent in the last 24 hours, along with other meme coins such as Dogecoin, Shiba Inu and Samoyedcoin (SAMO).
Dogecoin witnessed a rise of 4.11 per cent in the last 24 hours and was trading at $0.1782 at 8:30 am. Rival Shiba Inu lost 5.38 per cent in the last 24 hours and was trading at $0.00003739, Dogelon Mars jumped by 22.13 per cent and was trading at $0.000001271, while Samoyedcoin was trading at $0.04939 and recorded a rise of 7.65 per cent.
The global crypto market cap was $2.36 trillion, registering an increase of 4.32 per cent in the last 24 hours, while the total crypto market volume was $137.72 billion, up 13..46 per cent.
Synex Coin (MINECRAFT) became the biggest gainer in the last 24 hours, recording a rise of 2258.55 per cent; it was trading at $0.03776 at 8:30 am. On the other hand, ALL BEST ICO (ALLBI) recorded maximum loss in the last 24 hours, falling 90.05 per cent; it was trading at $0.003829.
CrossTower, a crypto and digital asset exchange, in partnership with US-India Strategic Partnership Forum (USISPF), in a research report published on December 6, stated that India has the potential to add $1.1 trillion of economic growth to its GDP (gross domestic product) by 2032.
Mukesh Aghi, president and CEO of USISPF, said in a press release, "Digital assets are expected to have tremendous potential in the next 11 years across countries, due to their rapid adoption. They are expected to help India achieve the GDP of $5 trillion economy."
According to an Economic Times report, the new Cryptocurrency bill is set to enable regulators and government agencies, including the Securities and Exchange Board of India (Sebi), Reserve Bank of India (RBI) and the tax department, to scrutinise know your customer (KYC) data of investors that crypto exchanges have collected from clients.