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BTC Maintains Value Above $20,000, Crypto Market Swells Over Trillion Dollar Cap

BTC Maintains Value Above $20,000, Crypto Market Swells Over Trillion-Dollar Cap

On international exchanges like Coinbase and Binance as well, BTC attained small gains of up to 0.48 percent to trade at $20,400 (roughly Rs. 16.80 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 1 November 2022 11:08 IST

BTC Maintains Value Above $20,000, Crypto Market Swells Over Trillion-Dollar Cap

Photo Credit: Pixabay/ Dean Crosby

The value of the crypto market cap crossed $1.02 trillion (roughly Rs. 84,29,147 crore)

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Highlights

Dogecoin, Shiba Inu saw profits
Solana and Cardano also saw gains
Polkadot, ZCash saw losses

Leading majority altcoins on the route to recovery, Bitcoin on Tuesday November 1, opened with small profits. As per the crypto price tracker by Gadgets 360, BTC opened trading with 0.40 percent gains. Presently, Bitcoin's price stands around the mark of $20,480 (roughly Rs. 16.90 lakh) on Indian exchanges. On international exchanges like Coinbase and Binance as well, BTC attained small gains of up to 0.48 percent to trade at $20,400 (roughly Rs. 16.80 lakh).

Ether also recorded gains following BTC's trajectory on the price ladder. With profits of 0.59 percent, ETH value is currently hovering over the price point of $1,585 (roughly Rs. 1.30 lakh) on national and international exchanges.

From stablecoins such as Tether, USD Coin, and Binance USD to memecoins like Dogecoin and Shiba Inu — all witnessed gains.

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Binance Coin, Ripple, Cardano, Solana, and Polygon also rose in their respective values.

The global crypto market cap recorded an overall growth of 0.54 percent in the last 24 hours. As per CoinMarketCap, the value of the crypto market cap crossed $1.02 trillion (roughly Rs. 84,29,147 crore) in valuation.

“The crypto market displayed resilience as the DXY finally broke its parabolic rally from the local tops of 114 to 111.2. A 75 bps rate hike is widely expected from the upcoming FOMC meeting this week with a potential pivoting to 50 bps points later this December as the FED's preferred inflation metric the PCE (Personal Consumption Expenditure Price Index) was slightly below the 5.2 percent annual forecast,” the CoinDCX research team told Gadgets 360.

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Meanwhile, Elon Musk's Twitter takeover has also contributed to the rise in crypto prices among other factors.

“Musk and Twitter are creating an internal team to focus on ways that blockchain and crypto could be helpful to social media with features such as Twitter Blue subscription and Tipping-like fintech integrations. Moreover, despite Macroeconomic headwinds, Crypto based technology and startups are flourishing with continued interest and funding from hedge funds and institutions buying the dip,” the CoinDCX team added.

On the other hand, some cryptocurrencies did witness losses today, and these include Polkadot, Chainlink, Elrond, ZCash, and Neo Coin.

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Cryptocurrency Prices across Indian exchanges

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