The crypto market showed a mixed mood on Monday, October 14, with almost equal ratios of gains and losses across all cryptocurrencies. Bitcoin recorded modest gains of around 2% on domestic and international exchanges. With this, the trading value of BTC on foreign exchanges jumped to $64,260 (roughly Rs. 54.02 lakh) after hovering around $60,576 (roughly Rs. 50.8 lakh) last week. Meanwhile, on Indian exchanges such as CoinSwitch and Giottus, BTC is trading at $64,826 (roughly Rs. 54.5 lakh).
“Crypto market continues to recover after Friday’s big US Producer Price Index (PPI) data. With the upcoming US election next month and a historically strong performance during the fourth quarter, potential upside is expected. BTC has broken above $64,000 (roughly Rs. 53.8 lakh), setting the stage for a possible recent all-time high,” CoinDCX’s market desk told Gadgets360.
Ether, the second most expensive cryptocurrency after Bitcoin, saw a minor price drop on Monday. At the time of writing, ETH was trading at $2,526 (roughly Rs. 2.12 lakh) on international exchanges, CoinMarketCap showed. In India, ETH is currently priced at $2,581 (roughly Rs. 2.17 lakh), as shown by Gadgets360 crypto price tracker.
“ETH is maintaining a solid price action that will likely take it into its uptrend. Key support levels for ETH include $2,330 (approx. Rs. 1.95 lakh), while resistance levels to watch are $2,550 (approx. Rs. 2.14 lakh) and $2,700 (approx. Rs. 2.26 lakh),” the research analyst noted. the CoinDCX team.
Binance Coin, USD Coin, Dogecoin and Tron posted gains alongside BTC on Monday.
Cardano, WETH, Near Protocol, Leo and Cosmos also joined BTC on the green side of the crypto map.
The total capitalization of the crypto market increased by 2.08 percent in the last 24 hours. According to CoinMarketCap, the valuation of the sector, at the time of writing, is $2.24 trillion (roughly Rs. 1,88,304.36 crore).
Meanwhile, Solana, Ripple, Shiba Inu, Polkadot, Stellar and Cronos — all posted minor losses on Monday.
The price drop also hit Polygon, Bitcoin SV, Neo Coin, Iota and Flex.
In the context of the upcoming US elections, analysts predict that the market may remain volatile for several more days.
“Former US President Donald Trump has launched a new cryptocurrency venture to position himself as a pro-crypto advocate ahead of the election. A focus on innovation and financial independence could influence voter sentiment and shape future cryptocurrency regulations. With these advancements, the future of cryptocurrencies looks bright as they gain traction in political discourse,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
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