Bitcoin price on Tuesday, October 31 barely recorded any change in its value from last day. The most expensive crypto asset, Bitcoin, is currently trading at the price point of $34,270 (roughly Rs. 28.5 lakh). Over the last day, Bitcoin value reduced by $25 (roughly Rs. 2,081). If market experts are to be believed, as long as Bitcoin retains its value above the mark of $31,000 (roughly Rs. 25.8 lakh) — the market sentiment remains a bullish tone.
Ether joined Bitcoin to trade in the greens on Tuesday. With a small profit of 0.62 percent, the value of ETH now stands at $1,794 (roughly Rs. 1.49 lakh).
“BTC seems to be consolidating within a short range of $34,000 (roughly Rs. 28.3 lakh)-$34,800 (roughly Rs. 28.5 lakh). However, given its recent price rally, short-term BTC holders (less than 155 days) are participating in one of the strongest profit-taking events in the past couple of years. Considering the macro conditions unfolding, investors are hopeful to see a bullish trend take over,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
The top 40 cryptos by market capitalisation seem to be trading in profits today, alongside Bitcoin and Ether.
Binance Coin, Ripple, Solana, Cardano, Dogecoin, Chainlink, and Polygon — all recorded profits today.
Polkadot, Litecoin, Avalanche, Stellar, Cosmos, Uniswap, and Cronos also managed to mint minor price spikes.
The overall crypto market cap rose by 0.47 percent in the last 24 hours but stayed at the mark of $1.27 trillion (roughly Rs. 1,05,73,111 crore) for the second consecutive day.
“Investor optimism regarding the potential approval of the first US spot Bitcoin ETF by the SEC is a significant driver behind Bitcoin’s stellar performance. The stage seems set for a memecoin resurgence, with Pepe coin currently leading the way and recording a surge of 57 percent in the last seven days,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Tether and USD Coin, meanwhile, continue to stew in losses for the second day in a row.
Other loss-making cryptocurrencies include Shiba Inu, Binance USD, New Coin, Braintrust, and Augur.
“Notably, crypto funds experienced their most substantial weekly inflow since July 2022, attracting over $326 million (roughly Rs. 2,714 crore), as indicated by CoinShares data. Bitcoin-based funds took the lion’s share, securing 90 percent of the total inflow, which amounted to $296 million (roughly Rs. 2,464 crore),” the CoinDCX research team told Gadgets360.
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