Bitcoin is trading above $64,000 despite small losses
The crypto market showed mixed sentiment on Monday, September 30, with almost equal numbers of cryptocurrencies posting gains and losses. Bitcoin saw a decline of 1.94 percent on international exchanges in the past 24 hours. Despite this dip, the leading cryptocurrency remained close to the $65,000 mark (approximately Rs. 54.4 lakh), trading at $64,452 (approximately Rs. 54 lakh), according to CoinMarketCap. In India, however, BTC saw a slightly sharper decline of over two percent, with its value on platforms like CoinSwitch and CoinDCX hovering around $65,734 (approximately Rs. 55 lakh).
Ether recorded a price drop of 1.52 percent on global stock exchanges in the past 24 hours. At the time of writing, ETH was trading at $2,630 (approximately Rs. 2.20 lakh) according to CoinMarketCap. On Indian exchanges, ETH posted a loss of around 1.20 percent while trading at $2,661 (approximately Rs. 2.23 lakh), Gadgets360 crypto price tracker showed.
“Positive sentiment around Bitcoin remains strong and is expected to maintain momentum. BTC has officially reached a higher high, a key bullish indicator. ETH has risen above the 50 EMA on the daily chart, signaling a bullish shift. Historically, the fourth quarter has been the most bullish period, and a similar trend is expected this cycle,” the CoinDCX market team told Gadgets360, commenting on the market status.
Tether, Cardano, Tron, Avalanche, Chainlink and Polkadot saw losses on Monday alongside Bitcoin and Ether.
Stellar, Cronos, Cosmos, Polygon and Bitcoin SV also recorded price drops.
The total valuation of the crypto market has fallen by 1.70 percent in the past 24 hours. With this, the industry’s valuation has reached $2.27 trillion (approximately Rs. 1,90,20,364 crore), according to CoinMarketCap.
On the other hand, cryptocurrencies that managed to post gains include Binance Coin, Solana, Ripple, Dogecoin and Shiba Inu.
Small gains were also recorded by Near Protocol, Leo, Dia, Dogefi, Bitcoin Hedge and Nano Dogecoin.
According to market analysts, the broader crypto market will see a recovery in the coming days.
“As investors diversify their portfolios, we may be witnessing the beginning of a broader recovery in the crypto space. The trends we are seeing, such as the renewed interest in spot Ethereum ETFs, which recently recorded their second-best week since launch, indicate a potential shift in market dynamics,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
