Crypto Price Today: Bitcoin Price Breaches $29,000 Mark, Losses Hit Tether, Ripple Among Other Coins

Bitcoin price rose by $965 (roughly Rs. 80,270) in the last 24 hours.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 20 October 2023 12:17 IST

Crypto Price Today: Bitcoin Price Breaches $29,000 Mark, Losses Hit Tether, Ripple Among Other Coins

Photo Credit: Pixabay/ Petre Barlea

The crypto market valuation stands at $1.11 trillion as of October 20

Highlights

Bitcoin dominance is strengthening in the cryptosphere
Monero, Cosmos saw gains
Braintrust, Circuits of Value saw losses

Bitcoin on Friday, October 20 minted a profit of 3.30 percent. This took the trading value of Bitcoin to $29,190 (roughly Rs. 24 lakh). This marks the first time in months that Bitcoin has managed to breach the $29,000 mark and retain its value above it for a prolonged time. Bitcoin has interestingly demonstrated resilience despite a decline being observed in the US stock market. Industry experts have also noticed that the crypto market narrative is seemingly shifting more towards the increasing Bitcoin dominance, leading to more profits befalling the asset's kitty.

“Bitcoin is trading above $28,600 (roughly Rs. 21.6 lakh) following US Federal Chair Powell signalling that the Fed will likely keep rates unchanged in November, but there may be a potential hike in December. This coincided with the 10-year U.S. Treasury yield rising up another six basis points to 4.97 percent. There is a bullish sentiment in the market, as reflected by Bitcoin growing over eight percent over the last week,” Edul Patel CEO of Mudrex told Gadgets 360.

Ether joined Bitcoin on the profit-making side of the crypto chart. ETH on Friday gained 2.23 percent to trade at the price point of $1,584 (roughly Rs. 1.3 lakh).

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

Other cryptocurrencies that are trading in profits include Binance Coin, Cardano, Dogecoin, Litecoin, Tron, and Polygon.

Leo, Avalanche, Stellar, Monero, Cosmos, and Uniswap also saw significant profits.

The valuation of the crypto market rose by 2.93 percent in the last 24 hours and is now at $1.11 trillion (roughly Rs. 92,32,480 crore), showed CoinMarketCap.

US Govt Could be Sitting on Over $5 Bn Worth of BTC Heap: Report

“Investors are keeping a close eye on LINK (+2.2 percent) as Chainlink recently announced the upcoming launch of staking v0.2 with the upgrade focusing on greater flexibility to the stakers, enhanced security for oracle services, and a dynamic reward mechanism making the overall system far more robust than before,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets360.

“Additionally, XRP experienced a substantial seven percent spike as the US Securities and Exchange Commission (SEC) dropped charges against Ripple Labs' CEO, Brad Garlinghouse, and chairman, Chris Larsen,” the CoinDCX research team highlighted.

Meanwhile, some cryptocurrencies did record losses today.

These include Tether, USD Coin, Solana, Bitcoin Cash, and Shiba Inu.

Other loss-stricken cryptocurrencies today are Braintrust, Circuits of Value, Augur, and Binance USD.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More