The cryptocurrency market saw more losses than gains on Wednesday, October 9. Bitcoin experienced minor declines on both domestic and international exchanges over the past 24 hours. Despite these slight setbacks, the leading cryptocurrency has maintained its price above $62,000 (roughly Rs. 52.04 lakh) on global platforms. At the time of writing, Bitcoin was trading at $62,353 (around Rs. 52.3 lakh) on international exchanges, according to CoinMarketCap. Meanwhile, on India-based exchanges such as CoinSwitch and CoinDCX, BTC was priced higher, hovering around $63,917 (roughly Rs. 53.6 lakh).
“Bitcoin is currently trading above $62,000 (roughly Rs. 52.04 lakh), primed to show bullish momentum as ‘Uptober' optimism grows despite volatility,” said Avinash Shekhar, Co-Founder and CEO, Pi42 as commenting on the market situation.
Ether dropped in price by 1.75 percent in the last 24 hours. The asset is trading at $2,442 (roughly Rs. 2.04 lakh) on international exchanges. In India, on the other hand, ETH is valued at $2,515 (roughly Rs. 2.11 lakh), showed the crypto price tracker by Gadgets360.
“Enthusiasm is building within the ETH community following the introduction of a new Ethereum Improvement Proposal (EIP-7781), designed to significantly enhance transaction speed and help decentralised exchanges (DEXs) save an estimated $100 million (roughly Rs. 839 crore). In the coming days, the price point of $2,400 (roughly Rs. 2,01 lakh) will act as a strong support zone for the asset,” ZebPay's Trade Desk told Gadgets360.
USD Coin, Ripple, Cardano, Avalanche, and Polkadot recorded losses alongside BTC on Wednesday.
Monero, Stellar, Cronos, and Cosmos also registered price dips.
The overall valuation of the crypto sector tumbled by 0.55 percent in the last 24 hours. With this, the sector's valuation has reached $2.17 trillion (roughly Rs. 1,82,15,945 crore) as per CoinMarketCap.
“Sustained consolidation could allow altcoins to outperform Bitcoin in the short term,” predicted Vikram Subburaj, CEO, Giottus crypto exchange.
Meanwhile Tether, Binance Coin, Solana, Dogecoin, and Shiba Inu reflected small profits on Wednesday alongside ETH.
Polygon and EOS Coin also managed to hold onto gains despite the market volatility.
“Memecoins, known for their volatility, saw a sell-off as traders cashed out after recent gains. Tokens like PEPE, Dogwifhat (WIF), and Popcat dropped around five percent, reflecting profit-taking,” the CoinSwitch Markets Desk told Gadgets360.
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