BTC trades above $62,000 despite minor dips and gains seen by ETH, DOGE, SHIB
The cryptocurrency market saw more losses than gains on Wednesday, October 9. Bitcoin saw minor declines on both domestic and international exchanges over the past 24 hours. Despite these minor setbacks, the leading cryptocurrency has managed to keep its price above $62,000 (approximately Rs. 52.04 lakh) on global platforms. At the time of writing, Bitcoin was trading at $62,353 (approximately Rs. 52.3 lakh) on international exchanges, according to CoinMarketCap. Meanwhile, on India-based exchanges such as CoinSwitch and CoinDCX, BTC was priced higher and hovered around $63,917 (approximately Rs. 53.6 lakh).
“Bitcoin is currently trading above $62,000 (approximately Rs. 52.04 lakh), poised to show bullish momentum as ‘Uptober’ optimism grows despite volatility,” said Avinash Shekhar, co-founder and CEO of Pi42, in commentary on the market situation.
Ether has fallen 1.75 percent in price in the past 24 hours. The asset is trading at $2,442 (approximately Rs. 2.04 lakh) on international exchanges. In India, on the other hand, ETH is valued at $2,515 (approximately Rs. 2.11 lakh), Gadgets360’s crypto price tracker shows.
“Enthusiasm is building within the ETH community following the introduction of a new Ethereum Improvement Proposal (EIP-7781), designed to significantly improve transaction speed and help decentralized exchanges (DEXs) reach an estimated $100 million (approximately Rs. 839 crore ) to save. In the coming days, the price of $2,400 (approximately Rs. 2.01 lakh) will act as a strong support zone for the asset,” ZebPay’s Trade Desk told Gadgets360.
USD Coin, Ripple, Cardano, Avalanche and Polkadot posted losses alongside BTC on Wednesday.
Monero, Stellar, Cronos and Cosmos also recorded price drops.
The crypto sector’s overall valuation has fallen by 0.55 percent in the past 24 hours. With this, the valuation of the sector has reached $2.17 trillion (approximately Rs. 1,82,15,945 crore). CoinMarketCap.
“Continued consolidation could allow altcoins to outperform Bitcoin in the near term,” predicted Vikram Subburaj, CEO of Giottus crypto exchange.
Meanwhile, Tether, Binance Coin, Solana, Dogecoin and Shiba Inu reflected small gains on Wednesday alongside ETH.
Polygon and EOS Coin also managed to maintain their gains despite market volatility.
“Memecoins, known for their volatility, saw a sell-off as traders cashed out after recent gains. Tokens like PEPE, Dogwifhat (WIF) and Popcat fell by around five percent, due to profit-taking,” the CoinSwitch Markets Desk told Gadgets360.
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