As October steps into its second weekend, the crypto market showed signs of volatility that remained prevalent throughout the week. Bitcoin opened with a minor gain of 1.88 percent on Friday, October 14. As per the crypto price tracker by Gadgets 360, BTC stuck to its months-old price point of $19,437 (roughly Rs. 15.90 lakh), failing to crawl over the $20,000 mark (roughly Rs. 16.46 lakh). On Binance and Coinbase, BTC garnered similar miniscule gains to maintain its value around $19,818 (roughly Rs. 16.30 lakh).
Ether, in the backdrop of daily market fluctuations, opened with losses on Friday. As per Gadgets 360’s crypto price tracker, ETH is trading at $1,294 (roughly Rs. 1.06 lakh) with a value dip of 0.15 percent.
With the top two cryptocurrencies having varied in their market movements, other altcoins were automatically divided into two groups — the ones that follow BTC’s trajectory and the ones that slipped down the ladder with ETH.
Polygon, Shiba Inu, Uniswap, Wrapped Bitcoin, Cosmos, Stellar, and Monero lined up with profits behind BTC.
On the other side, Tether, Binance USD, Ripple, Cardano, Solana, and Polkadot saw losses.
“The overall market cap plunged below $1 trillion (roughly Rs. 82,34,055 crore). BTC remained more resilient than ETH and other altcoins. BTC is down ~2 percent and trading just under $20,000 (roughly Rs. 16 lakh). The top 20 tokens are trading in the red with Cardano (ADA), Solana (SOL), and Binance Coin (BNB) slipping over 10 percent during the week,” the research team at Indian exchange CoinSwitch Kuber told Gadgets 360.
With a 3.08 percent rise over the last 24 hours, the global crypto market currently stands at the valuation of $942 billion (roughly Rs. 77,56,462 crore).
There are several factors that have dented the crypto markets in recent days. The inflation for US in September stood at 8.2 percent, a notch higher than street estimates of 8.1 percent, but lower than 8.3 percent in August. The Core Consumer Price Index (CPI) Inflation that excludes food and energy prices touched a 40-year high at 6.6 percent.
Meanwhile, Wall Street tumbled amidst fears of another possible Fed rate hike, but soon recouped the losses, on the hopes of bottoming out. Despite these ups and downs, crypto assets continue to stir interest among investors on a daily basis.
“CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 1.91 percent in the past seven days. BTC, ETH, BNB, Ripple (XRP), and ADA emerged as the top eight most traded coins among investors trading crypto assets in Indian Rupees. The Index value stood at Rs. 2627.48 at 8 AM, October 14, 2022,” the CoinSwitch team noted.
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