Bitcoin, Most Cryptocurrencies Lose, Total Industry Valuations Also Fall

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%.

Ether value also fell 0.38 on Friday. According to Gadgets 360 Cryptocurrency price trackerETH is trading at $1,287 (about Rs. 1.06 lakh).

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.

Including Tether, Money USD, Binance Coin, Ripple, Cardanoand Solana.

Dogecoin and Shiba Inu also saw a drop along with avalanche, Litecoin, Chain linkas Cosmos.

“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.

Only a handful of cryptocurrencies managed to gain today. Including Tron, Bitcoin Cash, Elrond, Iotaand Dash.

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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