Bitcoin, Ether Record Notable Recoveries From Recent Losses, Profits Reach Most Altcoins
The overall crypto market valuation spiked by 8.60 percent in the last 24 hours. Most cryptocurrencies followed Bitcoin and Ether on the trail to recovery. These include memecoins as well as stablecoins alongside Solana, Polkadot, and Polygon among others.
The past week emerged as highly volatile for crypto assets following the disastrous earthquake that struck Turkey, Syria, and other neighbouring regions. Most cryptocurrencies are seemingly snapping out of the slumber gradually. Bitcoin on Thursday, February 16 stepped into the trading rink at the price point of $23,953 (roughly Rs. 19.7 lakh). Despite a small loss of 0.47 percent, BTC did see a big price hike of $1,853 (roughly Rs. 1.53 lakh) in the last 24 hours.
Ether bagged a profit of 3.49 percent, stepping into Thursday. The second most valued cryptocurrency, at the time of writing, was trading at the price point of $1,651 (1.36 lakh), showed Gadgets 360's crypto price tracker. In the last 24 hours, ETH prices have risen by $103 (roughly Rs. 8,512).
“The US Consumer Price Index (CPI) report released on Tuesday revealed that prices increased by 0.5 percent in January compared to the prior month, which was slightly more than the 0.4 percent economists had predicted. According to the US Labor Department, the year-on-year inflation stood at 6.4 percent. Even though it was also higher than the forecasted of 6.2 percent. This indicates that inflation has been declining for several months in the largest economy in the world.