The crypto market was largely in the red on Monday, October 7, with most cryptocurrencies facing losses. Bitcoin saw minor declines of less than 1% on both international and domestic exchanges. As per CoinMarketCap data, BTC was trading at $63,625 (roughly Rs. 53.4 lakh) on global platforms. On Indian exchanges like CoinSwitch and CoinDCX, however, it was priced higher at around $65,430 (roughly Rs. 54.9 lakh).
“Bitcoin's upward trend coincides with increasing institutional interest and the expectation of the next US presidential election, which could greatly impact market sentiment. With a year-to-date increase of 49.2 percent, Bitcoin continues to assert itself as the top-performing asset of 2024,” Shivam Thakral, CEO of BuyUcoin told Gadgets360. “Q4 is usually bullish for Bitcoin because of favorable regulatory developments and higher spot ETF demand. As trading volumes increase and investor enthusiasm builds, the outlook for Bitcoin and the broader crypto market remains bright.”
Ether reflected a price dip of around 0.30 percent on Monday. The value of ETH stands at $2,487 (roughly Rs. 2.08 lakh) on international exchanges, whereas on national exchanges ETH is trading at $2,086 (roughly Rs. 1.75 lakh), showed the crypto price tracker.
Ether, Tether, Binance Coin, USD Coin, Ripple, and Dogecoin saw losses next to BTC and ETH on the price chart.
Tron, Cardano, Shiba Inu, Chainlink, Near Protocol, Leo, and Stellar also saw losses on Monday.
Despite the losses seen by most crypto assets on Monday, the overall valuation of the crypto market rose by two percent in the last 24 hours. With this, the sector's capitalisation has reached $2.21 trillion (roughly Rs. 1,85,57,038 crore), as per CoinMarketCap.
Solana, Avalanche, Polkadot, Litecoin, and Cronos saw gains alongside Cosmos, Polygon, Bitcoin SV, Elrond, Zcash, and Dash.
“Overall, the crypto market is showing signs of recovery after recent dips, supported by increasing confidence in the sector and improving investor sentiment. Meanwhile, altcoins like Avalanche (up 5.15 percent) and Shiba Inu (up 4.83 percent) are among the top gainers, benefiting from the market's momentum,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.
As per crypto analysts, the ongoing geopolitical tensions in the Middle East have caused BTC to drop in the shorter term. The market experts have also noted that as Gold continues to rise, BTC might soon follow the upward trajectory as well.
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.
