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On Tuesday, February 20, Bitcoin reflected a loss of 0.88% to trade at a price range of $51,577 (roughly Rs. 42.8 lakh). Over the past seven days, the value of Bitcoin has fluctuated within the range of $51,000 (roughly Rs. 42.3 lakh) to $52,500 (roughly Rs. 43.5 lakh). The asset has reached this price range for the first time in almost two years due to the approval of ETFs in the US and the Bitcoin ​​halving event scheduled for later this year.

“Bitcoin has surpassed $1 trillion in market capitalization, making it one of the top 10 companies by market capitalization globally and significantly improving market sentiment. This positive sentiment is attracting smaller retail investors and contributing to the optimistic market outlook,” CoinSwitch Market Desk told Gadgets360.

Ethereum saw a slight gain of 0.78% on Tuesday. Ether is currently trading at $2,907 (roughly Rs. 2.4 lakh).

As of Tuesday, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, and Tron all recorded slight gains.

Chainlink, Polkadot, Uniswap, Cosmos, Stellar, and Bitcoin SV are also generating small profits.

Over the past 24 hours, the overall cryptocurrency market cap increased by only 0.05%. According to CoinMarketCap, the current valuation of the cryptocurrency sector is $1.97 trillion (roughly Rs. 1,63,49,286 crore).

“This positive sentiment is attracting smaller retail investors, contributing to the optimistic market outlook. Tokens like ADA and TRX showed significant gains and contributed to the +1.92% increase in the overall cryptocurrency market cap,” Rajagopal Menon, Vice President of WazirX, told Gadgets360.

Meanwhile, Solana, Avalanche, Polygon, Shiba Inu, Litecoin, and Leo suffered losses on Tuesday.

“As the spot BTC ETF story unfolds, investor interest appears to be gaining momentum toward the Ethereum spot ETF. In other news, Japan’s cabinet approved a bill allowing investment funds and venture capital firms to acquire cryptocurrencies as assets. This is likely to drive further institutional participation and adoption within the cryptocurrency market,” Coinswitch Market Desk told Gadgets360.

Cryptocurrencies are unregulated digital currencies, not legal tender, and are subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation provided or endorsed by NDTV. NDTV is not liable for any loss arising from investments based on perceived recommendations, forecasts or other information contained in the article.

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