Bitcoin Starts Week on Bullish Tone While Ether Breaks Price Barrier to Lead Altcoin Charge

The global crypto market cap witnessed a rise of 0.91 percent in the last 24 hours

Written by Shomik Sen Bhattacharjee, Edited by Siddharth Suvarna | Updated: 24 October 2022 18:09 IST

Bitcoin Starts Week on Bullish Tone While Ether Breaks Price Barrier to Lead Altcoin Charge

Photo Credit: Pixabay/ EivindPedersen

Bitcoin price is grappling with the 20-day EMA at $19,440 (roughly Rs. 16.10 lakh)

Highlights

Bitcoin has risen by 0.3 percent in value over the past week
Ether has continued to trade below the $1,400 mark range
TRON, Chainlink, Monero, and Polkadot saw minor losses over the weekend

Despite seemingly enjoying the air above $19,000 (roughly Rs. 15.71 lakh), Bitcoin's price hasn't moved much as the stuttering global economy continues to spook investors. Since September 20, the top cryptocurrency has remained between $18,250 (roughly Rs. 15.09 lakh) and $20,370 (roughly Rs. 16.84 lakh), with volatility being further sapped in the past two weeks. As things stand, the value of Bitcoin is up by 0.86 percent in the last 24 hours with its price now around the $19,350 (roughly Rs. 15.98 lakh) mark across global exchanges while Indian exchanges like CoinDCX value BTC at $20,191 (roughly Rs. 16.67 lakh), 0.48 percent higher than where its value stood at the beginning of last week.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $19,248 (roughly Rs. 15.97 lakh) while CoinGecko data shows that BTC's value now sits 0.2 percent higher than where it stood last Monday.

Ether, the largest smart contracts token, has also shown very little movement over the past month, a month that was expected to be a positive one for the cryptocurrency following a much-talked-about swicth to proof-of-stake. Ether is currently up by roughly 2.89 percent over the past 24 hours across global exchanges. Meanwhile on Indian exchanges, ETH is valued at $1,395 (roughly Rs. 1.15 lakh) where values are up by 1.76 percent over the past day.

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Gadgets 360's cryptocurrency price tracker reveals that most major altcoins gained some value alongside Ether with the global crypto market capitalisation numbers also rising 0.91 percent through Sunday and early Monday.

Cardano, Avalanche, Cosmos, Solana, Polygon, Uniswap, and BNB all see themselves in the green, while TRON, Chainlink, Monero, and Polkadot.

Memecoins Shiba Inu and Dogecoin saw nominal gains too. Dogecoin is currently valued at $0.06 (roughly Rs. 4.91) after 0.34 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000010 (roughly Rs. 0.000828), up 0.62 percent over the past day.

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The crypto industry showed a mild recovery in Q3 after taking a significant plunge amid volatile conditions over the first half of 2022. According to the latest quarterly report published by cryptocurrency aggregator CoinGecko, the overall crypto market cap increased by 6.5 percent, about $100 billion (roughly Rs. 120.85 crore), in Q3 compared to Q2. Despite having a choppy Q3, BTC outperformed every asset class except the US dollar Index, which measures the exchange rate of a basket of foreign currencies compared to the greenback. While Bitcoin's price dropped in tandem with US equities, the digital asset quickly recovered compared to the stock market and ended the third quarter with only a -1 percent change in price.

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Cryptocurrency Prices across Indian exchanges

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