The crypto market was mostly in the red on Monday, October 7, with most cryptocurrencies facing losses. Bitcoin saw a minor decline of less than 1% on international and domestic exchanges. According to data from CoinMarketCap, BTC was trading at $63,625 (roughly Rs. 53.4 lakh) on global platforms. However, on Indian exchanges like CoinSwitch and CoinDCX, its price was higher at around $65,430 (roughly Rs. 54.9 lakh).
“Bitcoin’s upward trend coincides with increasing institutional interest and anticipation of the next US presidential election, which could greatly influence market sentiment. Up 49.2 percent year-to-date, Bitcoin continues to establish itself as the best-performing asset in 2024,” Shivam Thakral, CEO of BuyUcoin told Gadgets360. “The fourth quarter is typically bullish for Bitcoin due to favorable regulatory developments and higher demand for spot ETFs. As trading volume increases and investor enthusiasm grows, the outlook for Bitcoin and the broader crypto market remains bright.”
On Monday, Ether reflected a drop in price of about 0.30 percent. ETH is valued 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 cryptocurrency price tracker showed.
Ether, Tether, Binance Coin, USD Coin, Ripple and Dogecoin posted losses alongside BTC and ETH on the price chart.
Tron, Cardano, Shiba Inu, Chainlink, Near Protocol, Leo and Stellar also posted losses on Monday.
Despite the losses of most crypto assets on Monday, the overall value of the crypto market increased by two percent in the last 24 hours. This brought the sector’s capitalization to $2.21 trillion (roughly Rs. 1,85,57,038 crore), according to CoinMarketCap.
Solana, Avalanche, Polkadot, Litecoin and Cronos made gains alongside Cosmos, Polygon, Bitcoin SV, Elrond, Zcash and Dash.
“Overall, the crypto market is showing signs of recovery after recent declines, supported by increasing 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 top gainers, benefiting from the market’s momentum,” Avinash Shekhar, co-founder and CEO of Pi42 told Gadgets360 .
According to crypto analysts, ongoing geopolitical tensions in the Middle East caused BTC to fall in the short term. Market pundits have also noted that as gold continues to rise, BTC may soon follow an upward trajectory as well.
Cryptocurrency is an unregulated digital currency, it is not legal tender and is subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
