The entire crypto market is struggling to stabilize with the presidential race between Donald Trump and Kamala Harris tightening up every day in the US. On Monday, September 23, multiple cryptocurrencies reflected gains on the price charts. In the last 24 hours, Bitcoin has seen a gain of around 1.30 percent and 2.15 percent on the Indian and international exchanges. According to Indian exchange CoinDCX, BTC is trading at USD 66,375 (roughly Rs 55.4 lakh). Meanwhile, on international exchanges, the price of BTC is $64,388 (roughly Rs. 53.8 lakh) according to CoinMarketCap.
“BTC has posted seven consecutive green daily candles, a streak not seen since February of this year. This pattern suggests strong potential for another rally, especially in light of recent Fed rate cuts, which could bring new optimism to the market,” said Gadgets360 market desk CoinSwitch, commenting on the market situation.
Ether saw its price drop 1.34 percent on Tuesday, crypto price tracker Gadgets360 showed. At the time of writing, ETH was trading at $2,775 (roughly Rs. 2.77 lakh) according to Indian crypto exchange CoinDCX. On foreign exchanges, ETH is priced at $2,674 (roughly Rs. 2.23 lakh).
“Ethereum is bouncing off a critical support level against Bitcoin, raising the question of whether this could be a reversal for ETH – we’ll have to wait and see,” said Avinash Shekhar, Co-Founder and CEO, Pi42.
Tether, Binance Coin, Shiba Inu and Leo recorded small gains.
Cosmos, Zcash, Cartesi and Mobox also posted gains alongside BTC and ETH on Monday.
The total capitalization of the crypto market increased by 2.21 percent in the last 24 hours. With this, the valuation of the crypto sector has reached $2.26 trillion (roughly Rs. 1,88,65,361 crores) as indicated by CoinMarketCap,
“Market sentiment was further strengthened after Kamala Harris, in her first public statement, pledged to support investments in AI and digital assets during a Wall Street fundraiser. As we approach the US elections, this positive momentum could propel Bitcoin to new highs,” Edul Patel, CEO of Mudrex told Gadgets360.
Solana, USD Coin, Ripple, Cardano, Avalanche and Polkadot appeared on the losing side of the crypto chart on Monday.
Polygon, Bitcoin SV and Iota also saw their prices drop.
Market analysts believe that in the coming days, bulls may increase their engagement in the digital asset sector, leaving the crypto market volatile.
“Recently there was a big market swing that saw altcoins outperform Bitcoin and Ethereum after the Federal Reserve cut interest rates. The future of the cryptocurrency is optimistic, as increased liquidity indicates sentiment among investors,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
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