Bitcoin, the largest cryptocurrency by market value, has risen to around 4.6 per cent to $48,947.52 in the past 24 hours, after recording more than 32 per cent fall post the all-time high of $69,000 in November. Bitcoin's market cap currently stands at $925.41 billion, crypto exchange Coindesk data showed.
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The bitcoin prices are about 1.3 per cent up in the past seven days. The upward rally in Bitcoin price is being attributed to a price pump during Asian hours even though the US market remained quiet in the wake of the Christmas holidays.
Ethereum rose as high as 1.49 per cent $4,022.34 in the past 24 hours, pushing its m-cap to $472.99 billion. The world's second-largest cryptocurrency by m-cap has also seen significant gain this week.
Popular DeFi tokens such as Solana, Cardano, Polkadot and Polygon, all recorded a significant rise of 3.45 per cent, 4.06 per cent, 4.70 per cent, and 12.90 per cent, respectively.
Major meme coins like Shiba Inu and Dogecoin saw their prices rising by 5.8 per cent and 2.4 per cent, respectively. The global cryptocurrency market cap today stands at $2.39 trillion, a 3.3 per cent change in the last 24 hours, crypto exchange CoinGecko data showed.
Meanwhile, India’s much-awaited cryptocurrency bill will unlikely be presented in the current parliament session as the government is yet to finalise some details of the legislation, suggest reports.
The earlier reports of the Modi government planning to bring tougher regulation against crypto had sent crypto prices falling in the country. However, it's believed now that the Centre wants more talks on the matter before it zero-in on the final rules to govern digital currencies in India. The Union Cabinet is also yet to approve the crypto legislation bill in the current form.