BTC, ETH Lose Steam, Most Cryptocurrencies Record Losses Days Ahead of Diwali

The crypto market seems to be seeing more fluctuations now that the holiday season is around the corner for India and other nations. Ahead of Diwali, Bitcoin prices fell by 0.42 percent to $19,026 (roughly Rs. 15.81 lakh) on Thursday, October 20. On international exchanges as well, Bitcoin failed to see any profits. As per Binance and CoinMarketCap, BTC prices slipped by up to 0.40 percent. BTC's global price is presently hovering around $19,043 (roughly Rs. 15.82 lakh).

Ether followed BTC to cascade down the price ladder with small losses. With a loss of one percent, ETH is currently trading at $1,278 (roughly Rs. 1.06 lakh), showed the crypto price tracker by Gadgets 360.

Most altcoins reflected reds indicating losses after Bitcoin and Ether.

These include Cardano, Solana, Polygon, Polkadot, Tron, and Uniswap.

Dogecoin and Shiba Inu also saw their value dip.

In the last 24 hours, the global crypto market fell by 0.62 percent.

Meanwhile, Tether, USD Coin, Binance Coin, Stellar, Monero, and Elrond managed to see small but significant gains.

A majority of altcoins typically follow Bitcoin's market movement.

Speaking to Gadgets 360, the CoinDCX crypto research team said Bitcoin's current range-bound movement continues as new Layer 1 blockchains try to fight for blockspace to become the first Layer-1 blockchain that is ready for enterprise adoption.

“Ethereum (ETH) being the largest layer-1 blockchain currently has outperformed Nasdaq by around 20 percent since mid-July. This number paints a different picture considering the selloff Ethereum faced after The Merge as demand for Ethereum at these levels proves to be scooped up by financial institutions and hedge funds,” the ConDCX team said.

As per CoinMarketCap, the global crypto market cap stands at $921.02 billion (roughly Rs. 76,53,419 crore).  

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.