This is the first time since July, that Bitcoin’s daily price has breached the mark of $30,000 (roughly Rs. 24.9 lakh).
As of October 23, crypto market capitalisation stands at $1.17 trillion
Photo Credit: Unsplash/ Josh Appel
Bitcoin on Monday, October 23 recorded a profit of 1.76 percent. At the time of writing, Bitcoin was trading at the price point of $30,267 (roughly RS. 25 lakh). This is the first time since July, that Bitcoin's daily price has breached the mark of $30,000 (roughly Rs. 24.9 lakh). Over the weekend, the value of Bitcoin rose substantially by $1,077 (roughly Rs. 89,545) from its last week's trading value of $29,190 (roughly Rs. 24 lakh).
Ether saw even fatter profits than Bitcoin. With a price rise of 3.63 percent, the value of ETH currently stands at $1,688 (roughly Rs. 1.40 lakh). From last Friday, the value of ETH rose by $104 (roughly Rs. 8,646).
“Last week, both ETH and BTC reversed course, erasing price gains from the recent mini-rally following the Ethereum blockchain's Shanghai upgrade. Bitcoin dropped below $30,000 (roughly Rs. 24.9 lakh) to trade around $27,800 (roughly Rs. 23 lakh), but technical signals remain encouraging. A retest of the support zone and staying above $22,000 (roughly Rs. 18.2 lakh) could indicate further upward movement,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Cardano, Dogecoin, Litecoin, and Polygon recorded profits alongside Polkadot, Shiba Inu, Avalanche, Leo, and Stellar.
Other cryptocurrencies that managed to mint profits include Uniswap, Cartesi, Cosmos, Cronos, and Elrond.
The overall crypto market valuation as of Monday rose by 2.29 percent in the last 24 hours. At present, the crypto market capitalisation stands at $1.17 trillion (roughly Rs. 97,27,046 crore), showed CoinMarketCap.
“The altcoin rally on the other hand has been led by the Chainlink token. LINK (15.3 percent) has broken out of its 18-month resistance and is up by a massive 50 percent in the last four days. Given how well this project has done fundamentally in the last few months, including changes in its tokenomics, this price action should not come as a surprise among crypto investors,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets360. “Another crypto on investor watchlist for the next few days is likely to be DOT (+3.1%) as more than 400 million dollars' worth of DOT is getting unlocked around October 24 for the retail investors who had loaned DOT tokens to vote for its auctions.”
A bunch of cryptocurrencies meanwhile, did see losses today. These include Tether, USD Coin, Binance Coin, Ripple, and Tron.
Small losses also struck Bitcoin Cash, Monero, Binance USD, Bitcoin SV, NEM, Ardor, and Braintrust.
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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