Bitcoin, ETH battle market volatility, see small gains: Details
The overall crypto market is struggling to stabilize with the presidential race between Donald Trump and Kamala Harris intensifying by the day in the US. On Monday, September 23, multiple cryptocurrencies reflected gains on the price charts. Over the past 24 hours, Bitcoin registered gains of around 1.30 percent and 2.15 percent on Indian and international exchanges. According to India’s CoinDCX exchange, BTC is trading at $66,375 (roughly Rs. 55.4 lakh). Meanwhile, BTC is trading at $64,388 (roughly Rs. 53.8 lakh) on international exchanges, as shown by CoinMarketCap.
“BTC has posted seven consecutive green daily candles, a streak we haven’t seen since February this year. This pattern suggests strong potential for a new bullish run, especially in light of recent Fed rate cuts, which could bring fresh optimism to the market,” CoinSwitch markets desk told Gadgets360, commenting on the market situation.
Ether fell 1.34 percent in price on Tuesday, Gadgets360’s crypto price tracker showed. At the time of writing, ETH was trading at $2,775 (roughly Rs. 2.77 lakh), as per India’s CoinDCX crypto exchange. On foreign exchanges, ETH is trading at $2,674 (roughly Rs. 2.23 lakh).
“Ethereum is bouncing off a critical support level against Bitcoin, which begs the question whether this could signal a reversal for ETH. We’ll have to wait and see,” said Avinash Shekhar, co-founder and CEO of Pi42.
Tether, Binance Coin, Shiba Inu and Leo posted small gains.
Cosmos, Zcash, Cartesi and Mobox also posted gains on Monday, alongside BTC and ETH.
The total crypto market capitalization increased by 2.21 percent in the past 24 hours, taking the crypto sector valuation to $2.26 trillion (approximately Rs. 1,88,65,361 crore), as per MintMarketCap,
“Market sentiment has been further strengthened after Kamala Harris, in her first public statement, pledged to support investments in AI and digital assets during a Wall Street fundraiser. With the US elections approaching, this positive momentum could propel Bitcoin to new heights,” Edul Patel, CEO of Mudrex, told Gadgets360.
Solana, USD Coin, Ripple, Cardano, Avalanche and Polkadot were on the losing side of crypto on Monday.
Polygon, Bitcoin SV and Iota also registered price drops.
Market analysts expect that bulls will increase their involvement in the digital asset sector in the coming days, making the crypto market volatile.
“A major market shift was recently observed, with altcoins outperforming Bitcoin and Ethereum after the Federal Reserve cut interest rates. The future of cryptocurrency is optimistic as increased liquidity suggests a bullish sentiment among investors,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
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