BTC and ETH maintain losses from last week, most Altcoins see price declines
The crypto market was largely in the red on Monday, October 7, with most cryptocurrencies experiencing losses. Bitcoin saw small declines of less than 1% on both international and domestic exchanges. According to CoinMarketCap data, BTC was trading on global platforms at $63,625 (approximately Rs. 53.4 lakh). However, on Indian exchanges such as CoinSwitch and CoinDCX, the price was higher at around $65,430 (approximately Rs. 54.9 lakh).
“Bitcoin’s upward trend coincides with increasing institutional interest and anticipation of the next US presidential election, which could have a major impact on market sentiment. With a 49.2 percent increase this year, Bitcoin continues to establish itself as the best performing asset of 2024,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360. “The fourth quarter is generally bullish for Bitcoin due to favorable regulatory developments and increased demand for spot ETFs. As trading volumes increase and investor enthusiasm increases, the outlook for Bitcoin and the broader crypto market remains bright.
Ether reflected a price drop of about 0.30 percent on Monday. The value of ETH stands at $2,487 (approximately Rs. 2.08 lakh) on international exchanges, while ETH is trading at $2,086 (approximately Rs. 1.75 lakh) on national exchanges, the crypto price tracker showed.
Ether, Tether, Binance Coin, USD Coin, Ripple and Dogecoin saw losses alongside BTC and ETH on the price chart.
Tron, Cardano, Shiba Inu, Chainlink, Near Protocol, Leo and Stellar also saw losses on Monday.
Despite the losses suffered by most crypto assets on Monday, the crypto market’s overall valuation increased by two percent in the past 24 hours. With this, the capitalization of the sector has reached $2.21 trillion (approximately Rs. 1,85,57,038 crore), according to CoinMarketCap.
Solana, Avalanche, Polkadot, Litecoin and Cronos posted gains alongside Cosmos, Polygon, Bitcoin SV, Elrond, Zcash and Dash.
“Overall, the crypto market is showing signs of recovery from recent dips, supported by rising confidence in the sector and improving investor sentiment. Meanwhile, altcoins like Avalanche (up 5.15 percent) and Shiba Inu (up 4.83 percent) are among the biggest gainers, benefiting from the market’s momentum,” Avinash Shekhar, co-founder and CEO of Pi42, told IPS to Gadgets360.
According to crypto analysts, ongoing geopolitical tensions in the Middle East have caused BTC to decline in the shorter term. The market experts have also noted that as gold continues to rise, BTC could soon follow the upward trajectory as well.
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