Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, managed to touch the $47,000 mark early Tuesday, before settling down at around $46,800 at the time of writing. The coin managed to achieve the $47k high for the first time since April 2022. As was expected, the buildup to the possible approval of BTC spot exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) continues to keep the interests of investors buoyed. Popular altcoins — including the likes of Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Solana (SOL), and Dogecoin (DOGE) — landed in the greens across the board. Memecoin BONK became the biggest gainer of the lot, with a 24-hour jump of over 27 percent.
The global crypto market cap stood at $1.72 trillion at the time of writing, registering a 24-hour dip of 6.86 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $46,790.79, registering a 24-hour gain of 7.61 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 41.80 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,307.31, marking a 24-hour jump of 5.19 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.06 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour gain of 4.96 percent, as per CoinMarketCap data, currently priced at $0.08034. As per WazirX, Dogecoin price in India stood at Rs 7.20.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour jump of 6.94 percent. At the time of writing, it was trading at $67.06. LTC price in India stood at Rs 5,918.70.
Ripple (XRP) Price Today
XRP price stood at $0.5735, seeing a 24-hour gain of 1.68 percent. As per WazirX, Ripple price stood at Rs 50.68.
Solana (SOL) Price Today
Solana price stood at $101.84, marking a 24-hour jump of 15.83 percent. As per WazirX, SOL price in India stood at Rs 8,999.
Top Crypto Gainers Today (January 9)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Bonk (BONK)
- Price: $0.00001248
- 24-hour gain: 27.81 percent
Astar (ASTR)
- Price: $0.1495
- 24-hour gain: 27.28 percent
Bitcoin SV (BSV)
- Price: $89.67
- 24-hour gain: 25.29 percent
Stacks (STX)
- Price: $1.99
- 24-hour gain: 23.75 percent
Internet Computer (ICP)
- Price: $13.13
- 24-hour gain: 23.27 percent
Top Crypto Losers Today (January 9)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
GMT (GMT)
- Price: $0.3485
- 24-hour loss: 6.06 percent
Mina (MINA)
- Price: $0.9865
- 24-hour loss: 14.10 percent
Internet Computer (ICP)
- Price: $10.71
- 24-hour loss: 13.24 percent
Gala (GALA)
- Price: $0.02317
- 24-hour loss: 13.19 percent
Conflux (CFX)
- Price: $0.1707
- 24-hour loss: 12.95 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin has surged beyond the $47,000 mark within the last 24 hours, fueled by growing optimism among investors regarding Bitcoin spot ETFs. The upcoming SEC decision on Bitcoin ETF approval, anticipated this week, has the market eagerly awaiting. BTC has maintained an upward trend for the last five days, marking a 10 percent increase month-to-date and an impressive 173 percent rise year-to-date. If the current price level holds, the next hurdle lies at $49,000.”
CoinSwitch Markets Desk noted, “The crypto market experienced a rise of 5.8 percent in the last 24 hours, resulting in a total market capitalization of $1.8 Trillion. The crypto fear and greed index is highly positive and has jumped by 6 points as compared to yesterday. With just one day to go for SEC’s decision on ARK/21 Share’s Bitcoin ETF, SEC Chief Gary Gensler posted a series of posts on Twitter mentioning the risks associated with cryptocurrency investments. If history is to be repeated this might be considered a positive sign as in Oct 2021 a similar post was made by SEC’s investor education account, a day before the first Bitcoin futures ETF became effective.”
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin has surged up to $47,000, indicating a bullish sentiment among investors. This rally has sparked anticipation about the digital currency potentially reaching $48,000 soon. A key catalyst propelling this momentum is the fervent speculation surrounding the potential introduction of a Bitcoin ETF, which has garnered considerable attention and excitement.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin’s surge past $47,000 is attributed to expectations that the US SEC will approve a spot bitcoin ETF this week. With a 7 percent daily gain and an 87 percent increase since September 2023, the market is expecting a historic moment after the ETF’s approval. Applicants such as BlackRock and Fidelity, which are updating their filings and disclosure fees, have fueled FOMO as analysts predict spot bitcoin ETFs will attract significant demand and legitimacy, easing investor scepticism. Standard Chartered predicts an inflow of $50-100 billion in 2024 and a potential BTC price of $200,000 by 2025. Traders are trying to stop this rise, looking for short-term profits towards $48,500 and the psychological level of $50,000. However, caution prevails with expectations of choppy conditions and potential profit-taking, while the long-term outlook appears bullish, driven by factors such as the Fed tapering cycle, Bitcoin rate halving and growing institutional adoption via new ETFs.”
Shivam Thakral, CEO of BuyUcoin, said, “The overall crypto market witnessed a mini rally as the deadline for SEC approval for Bitcoin ETF nears. The total crypto market cap touched the $1.72 trillion mark with Bitcoin and Ethereum jumping by almost 8 percent and 6 percent respectively. Any confirmation of ETF approval by the SEC will push the market higher and it may lead to a market-wide rally. It is important to note that Bitcoin has surged by 10 percent since the beginning of 2024.”
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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.
Tags: Crypto News, Cryptocurrency, Insights