Analysts believe that the recent change in the Chinese real estate market is due to a $300 billion loan release by a Chinese developer (approximately Rs 22,15,657 crore). Along with Bitcoin, the day is also turning out to be good for other cryptocurrencies including Ethereum and Cardano.
The price of Ethereum, the world’s second most popular cryptocurrency, saw a massive 8.65 percent increase. Currently it is trading (Ethereum price in India) at 2,47,030.28 (about $3,344.79) in India. Other cryptocurrencies such as Cardano, Ripple, Polkadot as well as the mime currency Dogecoin are seeing a rise in prices.
Edul Patel, CEO and co-founder of crypto investment platform Mudrex, told Gadgers 360: “The last 24 hours have proved to be good for the cryptocurrency market as compared to the past few weeks. With this slight correction, the global crypto market cap is 3.2 percent. managed to grow more than a percentage point. The coming 24 hours could be crucial for the crypto markets.”
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