The festive cheer didn’t make its way into the crypto market as the majority of cryptocurrencies opened with losses on Friday, October 21. Less than three days before Diwali, Bitcoin opened with a loss of 1. .01 percent in India. According to the Gadgets 360 crypto price tracker, the BTC value is currently at $19,063 (about Rs 15.77) in India. Even on international exchanges, BTC cannot be profitable. As reflected by Binance and CoinMarketCap, the BTC value is hovering around the $19,076 mark (approximately Rs 15.78) with a loss of 0.30%.
Both leading cryptocurrencies last made their respective all-time highs (ATHs) on November 9 of last year. While BTC’s final ATH was around $68,000 (about Rs 56 lakh), ETH’s figure was $4,700 (approximately Rs 3.47).
Given their current market movement, the chance of BTC and ETH even getting close to their previous ATHs seems like a far-fetched possibility.
Meanwhile, the majority of cryptocurrencies trail BTC and ETH lightly to record losses today.
“Tracking US inflation and macroeconomic variables will be key to determining capital allocation for investors and is respectively an indication of when the stock market and by extension bottoming the cryptocurrency in case it hasn’t been reached, as price action is currently still at a high that is negatively correlated with DXY (Dollar Strength Index),” the CoinDCX team told Gadgets 360.
Over the past 24 hours, the total valuation of the crypto sector has dropped by 0.58%.
At the moment, the total market capitalization of the crypto industry is $914.43 billion (approximately Rs 75,66,574 crore). Valuations have fallen from the trillion-dollar mark in September.
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