Bitcoin Crosses $20,000 for First Time in October, Altcoins Rise on BTC Bulls

Bitcoin and the broader crypto market edged higher in trading on Tuesday after experiencing a volatile month of October so far, with BTC posting its biggest two-day gain in nearly a year. month. As things settle down, the value of Bitcoin has increased by 2.57% in the last 24 hours with its price currently around $20,100 (about Rs 16.36 lakh) on global exchanges, while exchanges Indian exchanges like CoinDCX value BTC at $21,066 (approximately Rs. 17.15 lakh), 1.83 percent higher than early Tuesday.

On global exchanges like CoinMarketCap, Coinbase and Binance, Bitcoin price stands at $20,128 (about Rs. 16.38 lakh) while CoinGecko data shows that the value of BTC is now 5.4% lower than it was last Wednesday.

Ether, the largest smart contract token has started the week with a bit of ups and downs, and that bullish momentum continues. Ether is currently up around 1.5% over the past 24 hours, trading in the $1,350 (about Rs. 1.1 lakh) range on global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,432 (about Rs 1.16 lakh), where the value has increased by 2.39 percent in the past day.

Gadgets 360’s Cryptocurrency price tracker revealed that most major altcoins saw similar gains midweek with the global crypto market cap also up 1.95% through late Tuesday and early Wednesday.

Cardano, avalanche, Uniswap, Cosmos, Solana, Polygon, TRON, Monero, Chain linkand BNB all marked significant gains over the past 24 hours.

Memecoins Shiba Inu and Dogecoin are in the same situation. Dogecoin is currently worth $0.06 (approximately Rs 5.26) after adding 5.1 percent in value in the last 24 hours, while, Shiba Inu was valued at $0.000011 (approximately Rs. 0.000936), up 3.09 percent over the past day.

24-hour Bitcoin trading volume has spiked 35% to US$33 billion (approximately Rs 2,68,783 crore) as investors globally are looking at younger assets to hedge their wealth. their money away from fiat currencies Crypto-assets like Bitcoin and Ether are being used by individuals as a store of value to beat inflation Weak bond yields and delayed recovery the stock market is driving investors towards digital assets to achieve their financial goals.If we look at the historical data, Bitcoin has always performed better in October and continuing its upward momentum until the end of the year, Bitcoin hit a lifetime high of $69,000 (approximately Rs 56.2 lakh) last November”, said Tarusha Mittal, COO and co-founder of team staking platform, UniFarm commented on The first time Bitcoin crossed $20,000 (approximately Rs 16.3 lakh) in October.

Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendations, forecasts or any other information contained in the article.

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