Bitcoin Records Minor Losses as Most Altcoins Move Sideways
Bitcoin has experienced minor losses, hovering just above $65,000 amid market volatility, while altcoins have mostly moved sideways. Institutional interest in Bitcoin and Ethereum ETFs suggests a strong confidence in the market. Despite some altcoins recording losses, others have seen minor gains. The global crypto market valuation has decreased by 0.75 percent, reflecting the current market dynamics.
In the past 48 hours, Bitcoin has successfully maintained its trading price above $65,000 (approximately Rs. 54.6 lakh), despite experiencing some volatility within the broader cryptocurrency market. As of Wednesday, October 23, Bitcoin has displayed a minor decrease of 0.62 percent. On international exchanges, Bitcoin (BTC) is priced at about $67,095 (around Rs. 56.4 lakh), according to CoinMarketCap. Conversely, on Indian exchanges such as CoinDCX and CoinSwitch, the price of Bitcoin is hovering around $68,029 (approximately Rs. 57.1 lakh). Shivam Thakral, the CEO of BuyUcoin, indicated that “In the last 24 hours, Bitcoin saw a slight dip amid rising US Treasury yields impacting riskier assets. The cryptocurrency market is still thriving, as evidenced by the impressive $2.2 billion (roughly Rs. 18,497 crore) inflow into Ethereum and Bitcoin ETFs in the last week, which suggests strong institutional interest. This surge reflects growing confidence as investors anticipate potential bullish trends. As we look ahead, the outlook remains positive for Bitcoin and other cryptocurrencies.” Ethereum (ETH) recorded a drop of 1.14 percent over the last 24 hours. On foreign exchanges, ETH is trading at $2,613 (approximately Rs. 2.19 lakh) while it is priced around $2,657 (approximately Rs. 2.23 lakh) domestically. As per Gadgets360, Avinash Shekhar, Co-Founder and CEO of Pi42, mentioned, “Ethereum which is currently trading at about $2,610 (roughly Rs. 2.19 lakh), on the other hand, has stuck at the critical 100 day EMA resistance, making its recovery to $3,000 (roughly Rs. 2.52 lakh) more difficult. Further losses to $2,400 (roughly Rs. 2.01 lakh) or possibly $2,200 (roughly Rs. 1.84 lakh) are probable if there is weak support below $2,600 (roughly Rs. 2.18 lakh).” In addition, several altcoins, including Avalanche and Shiba Inu, joined others like Solana and Ripple in experiencing losses on Wednesday. As for Dogecoin, Cardano, and Avalanche, all saw similar price dips. Notably, the overall cryptocurrency market valuation has diminished by 0.75 percent during the past 24 hours, settling at a global cap of $2.31 trillion (approximately Rs. 1,94,21,625 crore). Vikram Subburaj, CEO of Giottus, remarked that “The altcoin market is following Bitcoin’s trajectory. Despite technical indicators remaining unidirectional, the Crypto Fear and Greed Index continues to stay above 70 in the greed territory.” Meanwhile, USD Coin, Tron, and Monero posted minor increases in price on Wednesday. Furthermore, a positive development was observed in the gaming tokens, signaling a renewed interest in that sector. Avalanche has also recently launched a VISA crypto card, enabling users to utilize their crypto at Visa-accepting merchants, which marks a significant milestone toward mainstream adoption.
The current state of the cryptocurrency market has generated interest among investors and analysts, particularly with Bitcoin’s recent performance. Bitcoin continues to demonstrate its resilience despite market fluctuations, while altcoins have exhibited varying degrees of stability and volatility. The impacts of external factors, such as US Treasury yields, play a significant role in shaping market dynamics. Furthermore, a notable influx of institutional investment in cryptocurrency exchange-traded funds (ETFs) indicates a strengthening confidence in the market. The interplay between Bitcoin’s price movements and the broader altcoin market is crucial for understanding the future trends of cryptocurrencies.
In summary, Bitcoin has endured a minor setback while maintaining a strong trading position above $65,000. Overall, various altcoins are echoing Bitcoin’s market trajectory, with some experiencing losses, while others show promise. The injection of institutional interest through substantial ETF investments highlights the market’s growing maturity. Positive developments, such as the introduction of a VISA crypto card by Avalanche, reflect strides toward broader adoption. Thus, the outlook for Bitcoin and the cryptocurrency market remains cautiously optimistic, amidst the ongoing fluctuations.
Original Source: www.gadgets360.com
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