By: Shayak Majumder | Updated at : 10 Oct 2022 09:39 AM (IST)
Bitcoin price stood at $19,444.84 on Monday morning. ( Image Source : 愚木混株 cdd20/Unsplash )
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, failed to rise above the $20,000 mark over the weekend, as the overall crypto market saw minor price movements across the board. Popular altcoins, including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) registered minor gains across the board. The TerraClassicUSD (USTC) token emerged to be the biggest gainer in the last 24 hours, with a jump of 13 percent. The Toncoin (TON) token, on the other hand, became the biggest loser.
At the time of writing, the global crypto market cap stood at $943.71 billion, marking a 0.71 percent gain in the last 24 hours, as per CoinMarketCap data.
Bitcoin price stood at $19,448.02, seeing a 24-hour gain of 0.49 percent, as per CoinMarketCap. As per Indian exchange WazirX, BTC price stood at Rs 16.45 lakhs.
ETH price stood at $1,323.27, marking a 24-hour jump of 1.05 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.12 lakhs.
DOGE registered a 24-hour gain of 1.32 percent as per CoinMarketCap data, currently priced at $0.06228. As per WazirX, Dogecoin price in India stood at Rs 5.16.
Litecoin saw a 24-hour gain of 2.25 percent. At the time of writing, it was priced at $54.04. LTC price in India stood at Rs 4,615.
XRP price stood at $0.5307, seeing a 24-hour gain of 3.88 percent. As per WazirX, Ripple price stood at Rs 44.90.
Solana price stood at $33.04, marking a 24-hour gain of 1.67 percent. As per WazirX, SOL price in India stood at Rs 2,730.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
24-hour gain: 13 percent
Huobi Token (HT)
24-hour gain: 7.04 percent
24-hour gain: 5.56 percent
24-hour gain: 4.91 percent
Ethereum Name Service (ENS)
24-hour gain: 4.24 percent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
24-hour loss: 1.90 percent
Convex Finance (CVX)
24-hour loss: 1.85 percent
24-hour loss: 1.54 percent
24-hour loss: 1.27 percent
24-hour loss: 0.79 percent
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin traded flat over the weekend as bears continued to pressure the market. BTC has been trading sideways since the plunge a few days back. Over the past month, BTC has gained nearly 1 percent in value. If buyers can hold the gained initiative, we might soon see BTC trade above the $19,600 zone. But if buyers lose control over the $19,000 mark, one can expect a sharp drop. On the other hand, Ethereum was changing hands above the $1,300 level. The price of Ethereum is trying to rebound from its support trendline. It is likely that the price may consolidate for a few more sessions. ETH’s support now lies at $1,230, while the resistance holds at $1,400”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Notably, XRP is currently trading at $0.4897, down 1.26 percent in the last 24 hours. However, XRP’s prospects continue to rise as the asset’s developer, Ripple Labs, advances a securities case with the Securities and Exchange Commission (SEC). The company scored a major victory last week after a judge ordered the SEC to release critical documents containing comments from a former SEC director. BNB is trading at $283.91, downtrending by 3.58 percent in the last 24 hours. Despite the decline, comparably BNB is standing stable and strong as compared to other crypto assets.”
weTrade founder Prashant Kumar offered his take on the market scenario as well, “The crypto market cap on Monday morning during Asia trading hours showed conservative gains of less than 1 percent. On Friday, the US job report showed a marginal decline in the unemployment numbers that fell from 3.7 percent to 3.5 percent which shows that the interest rate hike would continue to be high, thus affecting the crypto market. However, the crypto market including both the key cryptocurrencies are showing stable movement. Bitcoin continues to remain below $20,000 while Ethereum is holding its position and trading above $1,300.”
Shivam Thakral, the CEO of BuyUCoin, said, “The overall crypto market cap is hovering around $945 billion, a marginal jump of 0.8 percent in the last 24 hours. Bitcoin was sitting on a wafer this support at the $20,000 level but lost it over the weekend to trade at $19,475 whereas Ethereum is trading around the $1,325 mark which is a healthy jump of 1.19 percent over the last 24 hours. Other coins like SOL, DOGE, MATIC, and TRON remained flat with slight fluctuation in their value. The outages in the Solana network and BNB chain led to chaos in the crypto market as they revealed critical operational loopholes. The ongoing economic pressure, geopolitical uncertainty, and hawkish stance of central banks worldwide will keep investors on their toes in the coming weeks.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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