Bitcoin on Wednesday, October 18 minted a profit of 0.55 percent. The value of Bitcoin, at the time of writing, stood at $28,433 (roughly Rs. 23.6 lakh). In the last 24 hours, the value of Bitcoin spiked substantially by $258 (roughly Rs. 21,470). Surprisingly, BTC managed to retain its value above the mark of $28,000 (roughly Rs. 23 lakh) even after the fake news about a spot BTC ETF fizzled as quickly as it bubbled. Despite BTC seeing profits, several altcoins including Ether reflected losses.
“BTC has successfully reclaimed the 200-day Simple Moving Average (SMA) and is currently holding above it. However, for BTC to continue its upward momentum, it needs to clear and sustain the crucial resistance level at $28,600 (roughly Rs. 25,02,000),” the CoinDCX team told Gadgets 360.
In a rather unconventional price movement, Ether did not follow Bitcoin's price trajectory today. Incurring a loss of 1.45 percent, the value of ETH currently stands at $1,566 (roughly Rs. 1.30 lakh).
“ETH is displaying signs of weakness, and it's crucial for ETH to maintain its position above the major support level at $1,530 (roughly Rs. 1.34 lakh) as a drop below this price could lead to further declines,” the CoinDCX team added.
With small gains, Solana, Bitcoin Cash, Leo, Bitcoin SV, Nem, and Status followed Bitcoin on the price ladder.
Apart from these, all other cryptocurrencies are trading in losses today.
These include Tether, USD Coin, Ripple, Cardano, Dogecoin, Polygon, Tron, and Litecoin.
Shiba Inu, Chainlink, Avalanche, Stellar, and Monero also recorded price dips.
The valuation of the overall crypto market went up just a little by 0.04 percent in the last 24 hours. The market cap of the crypto sector however, remained changed over the last day and continues to stand on the mark of $1.09 trillion (roughly Rs. 90,69,617 crore) as per CoinMarketCap.
“In another altcoin news, the famous layer-1 blockchain, Fantom (FTM, -4.7 percent) is making headlines for its exploit. Two Fantom Foundation wallets seem to have experienced a breach due to the exploit of the multi-chain bridge. The resultant loss is said to have been of around $650k. This incident serves as a good reminder to all crypto traders that even though self-custody does seem like a good approach to hold your funds, any small mistake can lead to a complete loss of funds as well,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
