The cryptocurrency market saw more losses than gains on Wednesday, October 9. Bitcoin has seen a minor decline on both domestic and international exchanges over the past 24 hours. Despite these minor setbacks, the leading cryptocurrency maintained its price above $62,000 (roughly Rs. 52.04 lakh) on global platforms. At the time of writing, Bitcoin was trading at $62,353 (about Rs. 52.3 lakh) on international exchanges, according to CoinMarketCap. Meanwhile, on exchanges in India such as CoinSwitch and CoinDCX, the price of BTC was higher, hovering around $63,917 (roughly Rs. 53.6 lakh).
“Bitcoin is currently trading above $62,000 (roughly Rs. 52.04 lakh), aiming to show bullish momentum as ‘Uptober’ optimism builds despite volatility,” said Avinash Shekhar, Co-Founder and CEO of Pi42 commenting on the market situation.
Ether dropped in price by 1.75 percent in the last 24 hours. The asset is trading at $2,442 (roughly Rs. 2.04 lakh) on international exchanges. On the other hand, in India, ETH is valued at $2,515 (roughly Rs. 2.11 lakh), according to crypto price tracker Gadgets360.
“Enthusiasm is building within the ETH community following the introduction of a new Ethereum Improvement Proposal (EIP-7781), designed to significantly increase transaction speeds and help decentralized exchanges (DEX) save an estimated $100 million (roughly Rs. 839 million). In the coming days, the price of $2,400 (roughly 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 along with BTC on Wednesday.
Monero, Stellar, Cronos and Cosmos also saw their prices drop.
The total value of the crypto sector fell by 0.55 percent in the last 24 hours. This brings the sector’s valuation to $2.17 trillion (roughly Rs. 1,82,15,945 crores) according to CoinMarketCap.
“Sustained consolidation could allow altcoins to outperform Bitcoin in the short term,” predicted Vikram Subburaj, CEO of Giottus Crypto Exchange.
Meanwhile, Tether, Binance Coin, Solana, Dogecoin and Shiba Inu posted small gains on Wednesday, along with ETH.
Polygon and EOS Coin also managed to maintain gains despite market volatility.
“Memecoins, known for their volatility, saw a sell-off as traders cashed in after recent gains. Tokens such as PEPE, Dogwifhat (WIF) and Popcat fell by around five percent, reflecting profit-taking,” the CoinSwitch Markets Desk told Gadgets360.
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