The global cryptocurrency market was trading in the green on Thursday and the flagship currency Bitcoin rose back above the $20,000 level. However, the blues and fear still persevere in the crypto industry.
Bitcoin, the world's largest cryptocurrency, was up on the day slightly 1.21 percent, trading at $20,400. The token has been in a consolidation stage for nearly 3 weeks, bouncing between $18,000 and $22,000 levels.
The flagship currency dropped almost 60% during this year's recently closed second quarter, which was the worst quarter since 2011.
Ether, the second largest cryptocurrency in terms of market capitalization after Bitcoin, was up 3.17 percent to 1,174 over the previous day, according to Coindesk data at 13:10 IST.
The majority of alternative currencies (altcoins) were traded in the green. Shiba Inu, the second-largest meme coin, gained almost 0.93 percent to $0.000010 whereas the most followed meme coin Dogecoin rose as much as 1.65 percent to $0.068232.
The global cryptocurrency market cap increased to 1.26 percent to $917.75 billion in the last 24 hours but the total cryptocurrency trading volume decreased 18.87 percent to $54.66 billion. Out of a total market cap, bitcoin's dominance is 42.40 percent, a decrease of 0.05 percent over the day, as per CoinMarketCap data at 13:17 IST.
In recent news, Voyager Digital said on Wednesday it has filed for bankruptcy, a week after the crypto lender suspended withdrawals, trading and deposits to its platform as it sought additional time to explore strategic alternatives.
Meanwhile, India's new cryptocurrency tax has dealt a heavy blow to the country's crypto exchanges, adding to broader sectoral woes and sending trading volumes plunging by up to 90%.
The 1% tax on Indian cryptocurrency trades from the start of this month has been a further disincentive for investors in a market where a burdensome regulatory regime and a 30% digital income tax had already knocked volumes by 60-70%, traders and industry executives said.