Bitcoin, in the last 48 hours, managed to retain its trading price above the mark of $65,000 (roughly Rs. 54.6 lakh) despite volatility affecting the overall crypto market. On Wednesday, October 23 Bitcoin reflected a minor loss of 0.62 percent on the price chart. On international exchanges, BTC is trading at the price point of $67,095 (roughly Rs. 56.4 lakh), showed CoinMarketCap. Meanwhile, on Indian exchanges like CoinDCX and CoinSwitch, BTC's price is hovering over the mark of $68,029 (roughly Rs. 57.1 lakh).
“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,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Ether registered a drop of 1.14 percent over the last 24 hours. On foreign exchanges, ETH is trading at $2,613 (roughly Rs. 2.19 lakh). Nationally, ETH is currently priced around $2,657 (roughly Rs. 2.23 lakh), showed the crypto price tracker by Gadgets360.
“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),” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.
Avalanche, Shiba Inu joined Solana, Ripple in registering losses on Wednesday.
Dogeocoin, Cardano, Avalanche, and Shiba Inu also reflected price dips on the price chart.
The overall valuation of the crypto market valuation dropped by 0.75 percent in the last 24 hours. At the time of writing, the global crypto market cap stood at $2.31 trillion (roughly Rs. 1,94,21,625 crore) as per CoinMarketCap.
“The altcoin market is following Bitcoin's trajectory. Despite technical indicators remaining unidirectional, Crypto Fear and Greed Index continues to stay above 70 in the greed territory,” Vikram Subburaj, CEO, Giottus told Gadgets360.
USD Coin, Tron, and Monero registered minor price hikes on Wednesday. Circuits of Value and Augur also joined this relatively short list.
“On a brighter note, we observed a modest uptick in gaming tokens yesterday, indicating renewed interest in that sector. Additionally, Avalanche has launched a VISA crypto card, enabling users to spend their crypto at Visa-accepting merchants, marking a significant step towards mainstream adoption,” the CoinSwitch Markets Desk noted.
