The crypto market displayed mixed sentiment on Monday, October 14, with nearly equal proportions of gains and losses across cryptocurrencies. Bitcoin posted modest gains of about 2% on both domestic and international exchanges. With this, the trading value of BTC on foreign exchanges has bounced to $64,260 (roughly Rs. 54.02 lakh) after hovering around at $60,576 (roughly Rs. 50.8 lakh) last week. On Indian exchanges like CoinSwitch and Giottus, meanwhile, BTC is trading at $64,826 (roughly Rs. 54.5 lakh).
“The crypto market continues to rally after Friday’s bullish US Producer Price Index (PPI) data. With the upcoming US elections next month and historically strong performance during Q4, a potential rally is anticipated. BTC has broken above $64,000 (roughly Rs. 53.8 lakh), setting the stage for a possible newer all-time high,” the CoinDCX markets desk told Gadgets360.
Ether, the second most expensive cryptocurrency after Bitcoin, registered minor price dips on Monday. At the time of writing, ETH was trading at $2,526 (roughly Rs. 2.12 lakh) on international exchanges, showed CoinMarketCap. In India, ETH is presently priced at $2,581 (roughly Rs. 2.17 lakh), as shown by the crypto price tracker by Gadgets360.
“ETH is maintaining a solid price action that is likely to usher it onto its upward trend. Key support level for ETH include $2,330 (roughly Rs. 1.95 lakh) while resistance levels to watch are $2,550 (roughly Rs. 2.14 lakh) and $2,700 (roughly Rs. 2.26 lakh),” the CoinDCX research team noted.
Binance Coin, USD Coin, Dogecoin, and Tron recorded gains alongside BTC on Monday.
Cardano, WETH, Near Protocol, Leo, and Cosmos also joined BTC on the green side of the crypto chart.
The overall crypto market cap rose by 2.08 percent in the last 24 hours. As per CoinMarketCap, the valuation of the sector, at the time of writing, stood at $2.24 trillion (roughly Rs. 1,88,304,36 crore).
Meanwhile, Solana, Ripple, Shiba Inu, Polkadot, Stellar, and Cronos — all registered minor losses on Monday.
Price dips also hit Polygon, Bitcoin SV, Neo Coin, Iota, and Flex.
In the backdrop of the upcoming US elections, analysts predict that the market could remain volatile for some more days.
“Former US President Donald Trump has launched a new cryptocurrency venture to position himself as a pro-crypto advocate ahead of the elections. The focus on innovation and financial independence may sway voter sentiment and shape future crypto regulations. With these advancements, the future of cryptocurrencies looks bright as they become more and more popular in political discourse,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
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.