Bitcoin Retains $20,000 Value As New Economic Factors Begin Affecting Risk Assets

The global crypto market cap saw a gain of 0.9 percent in the last 24 hours.

Bitcoin Retains $20,000 Value As New Economic Factors Begin Affecting Risk Assets

Photo Credit: Unsplash/ Kanchanara

Bitcoin's value has kick-started its first uptrend in October

  • Bitcoin has been through a turbulent start in October thus far
  • Ether's positive showing this week has continued to gather pace
  • Most better-known altcoins gained in value although not by much

Bitcoin and the wider cryptocurrency market traded sideways for most of Thursday, but has retained the momentum we've noticed over the past few days as whales begin reaccumulating BTC, hoping for a bullish run. As things stand, the value of Bitcoin is up by 1.4 percent in the last 24 hours with its price now around the $20,350 (roughly Rs. 16.61 lakh) mark across global exchanges while Indian exchanges like CoinDCX value BTC at $20,998 (roughly Rs. 17.14 lakh), almost identical to where its value stood on early Wednesday.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $20,363 (roughly Rs. 16.62 lakh) while CoinGecko data shows that BTC's value now sits 4.4 percent higher than where it stood last Thursday.

Ether, the largest smart contracts token had seen a positive week so far and the streak has continued. Ether is currently up by roughly 1.48 percent over the past 24 hours, trading in the $1,350 (roughly Rs. 1.1 lakh) range across global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,428 (roughly Rs. 1.17 lakh) where values are up by 2.39 percent over the past day.

Gadgets 360's cryptocurrency price tracker reveals that most major altcoins had a similar climb mid-week with the global crypto market capitalisation also climbing 0.9 percent through late Wednesday and early Thursday.

Cardano, Avalanche, Uniswap, Cosmos, Solana, Polygon, TRON, Monero, Chainlink, and BNB all gains over the last 24 hours.

Memecoins Shiba Inu and Dogecoin also saw some upside to their value mid-week. Dogecoin is currently valued at $0.06 (roughly Rs. 5.3) after adding 0.85 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000012 (roughly Rs. 0.00094), up 0.22 percent over the past day.

The recent changes in the market showed a declining trend for Bitcoin and others. There was a chance that the market would lose momentum, but the recent changes have strengthened it further. As the market has retained momentum, it has added new gains to the investors' capital. The bullish trend seems likely to continue, strengthening it further as it is retesting new resistance levels for various coins.

Meanwhile, Mcdonald's became the latest name to add Bitcoin and Tether to payment options. According to the latest updates, the company has announced that it will accept the two coins in Lugana, Switzerland. There are chances that it will expand the acceptance of crypto to other areas.

With the next Apple event due very soon, we dive into all the leaks and rumours surrounding iPhone 14 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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.

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Cryptocurrency Prices across Indian exchanges


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