Cryptocurrency Price Update: Bitcoin Dips Below $69,000 as KuCoin Gains
On November 4, Bitcoin dipped below $69,000 as the global market cap reached $2.29 trillion. While Bitcoin experienced a small rise of 0.82%, altcoins like Ethereum and Dogecoin showed mixed gains. KuCoin Token emerged as the top gainer, while THORChain was the biggest loser. The market remains cautious ahead of the U.S. presidential election, which could significantly influence future price movements.
On November 4, cryptocurrency markets witnessed a notable downturn as Bitcoin (BTC) fell below the crucial $69,000 threshold. The global cryptocurrency market capitalization was reported at $2.29 trillion, reflecting a minor increase of 0.16% within a 24-hour span. Although Bitcoin only experienced a slight uptick of 0.82%, several major altcoins displayed a mix of fluctuations. For instance, Ethereum (ETH) also mirrored a 0.82% increase, while Dogecoin (DOGE) enjoyed a modest gain of 0.44%. In contrast, Litecoin (LTC) faced a downturn, depreciating by 1.72%. KuCoin Token (KCS) emerged as the top gainer, rising by over 1% over the past day, while THORChain (RUNE) was marked as the largest loser with a decrease of 7%. The prices for notable cryptocurrencies on this date were as follows: BTC at $68,965.52 (approximately Rs 57.92 lakh), ETH at $2,470.66 (around Rs 2.07 lakh), DOGE at $0.151 (Rs 12.66), LTC at $66.80 (Rs 5,943.60), XRP at $0.5055 (Rs 42.48), and SOL at $161.90 (Rs 13,625.79). Despite the overall mixed performance, the crypto market remains anxiously poised ahead of the upcoming U.S. presidential election, which investors believe may significantly influence market dynamics. Market experts have shared insights regarding the potential implications for Bitcoin and the crypto landscape as a whole.
The cryptocurrency market is characterized by its volatility and reaction to global events, particularly significant political developments. As investors prepare for the uncertainty surrounding the U.S. presidential election, market sentiment has fluctuated, notably impacting Bitcoin and other prominent digital assets. On November 4, the dip in Bitcoin’s value coincided with a supportive trendline around $67,400 and resistance noted at $70,900, as analysts continue to monitor the situation closely. The Bitcoin network also achieved a historical milestone with monthly transactions exceeding 20 million in October, indicating robust activity despite the price shifts.
In summary, the cryptocurrency market on November 4 demonstrated a cautious atmosphere as Bitcoin dipped below $69,000. However, minor gains in certain altcoins and the emergence of KuCoin as a top performer highlight the market’s dynamic nature. Analysts express vigilance as the U.S. presidential election approaches, forecasting that the results may provide substantial influence over market trajectories.
Original Source: news.abplive.com
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