Bitcoin on Friday, October 10 reflected a small gain of 0.53 percent. While the gain percentage may look like a small one, it did take Bitcoin's trading value to $36,770 (roughly Rs. 30.6 lakh). In the last 24 hours, the value of Bitcoin jumped up by $452 (roughly Rs. 37,664). This hike in value marks Bitcoin's highest pricing in eighteen months. With the topmost cryptocurrency trading in profits, majority altcoins are entering their recovery phases.
“The wave of optimism towards Bitcoin spot ETF continues as the approval window for its commencement begins. While the approval itself can take place as predicted by analysts which can push the token price beyond $40,000 (roughly Rs. 33 lakh), it will be a while before ETFs get launched for the public,” Rajagopal Menon, Vice President, WazirX told Gadgets360 while commenting on the market situation.
Ether for instance, has been trading in profits for over a week now. On Friday, after gaining substantially by 10.69 percent, Ether value finally breached the mark of $2,000 (roughly Rs. 1.66 lakh). At the time of writing, ETH was trading at $2,115 (roughly Rs. 1.76 lakh).
“In this volatile scenario, ETH demonstrated resilience, holding its position just below the $2,130 (roughly Rs. 1.76 lakh) resistance level and registering a noteworthy 10 percent gain within a day. This outperformance against BTC in the last 24 hours may be attributed to the news that BlackRock asset manager, officially filed for a Spot Ethereum ETF with NASDAQ. It's previously filed BTC spot ETF is pending approval,” the CoinDCX Research Team told Gadgets360.
Binance Coin, USD Coin, Solana, Cardano, Chainlink, and Polygon emerged among profit-making cryptocurrencies alongside BTC and ETH.
Tron, Polkadot, Litecoin, Shiba Inu, Avalanche, and Cosmos also managed to clock small gains.
The overall crypto market cap rose by 2.30 percent in the last 24 hours. As per CoinMarketCap, the crypto market valuation stands at the mark of $1.4 trillion (roughly Rs. 1,16,59,102 crore).
“Tokens of ETH liquid staking platforms have observed a surge after news about BlackRock's plan to file for an ETH-based ETF became public. These tokens include LDO (+18.9 percent) and RPL (+21 percent),” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Only a handful of cryptocurrencies recorded losses today. These include Ripple, Dogecoin, Bitcoin Cash, Leo, Stellar, and Uniswap.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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