Bitcoin Retains $20,000 Value As New Economic Factors Begin Affecting Risk Assets

The global crypto market cap saw a gain of 0.9 percent in the last 24 hours.

Written by Shomik Sen Bhattacharjee, Edited by Siddharth Suvarna | Updated: 6 October 2022 12:46 IST

Bitcoin Retains $20,000 Value As New Economic Factors Begin Affecting Risk Assets

Photo Credit: Unsplash/ Kanchanara

Bitcoin's value has kick-started its first uptrend in October

Highlights

Bitcoin has been through a turbulent start in October thus far
Ether's positive showing this week has continued to gather pace
Most better-known altcoins gained in value although not by much

Bitcoin and the wider cryptocurrency market traded sideways for most of Thursday, but has retained the momentum we've noticed over the past few days as whales begin reaccumulating BTC, hoping for a bullish run. As things stand, the value of Bitcoin is up by 1.4 percent in the last 24 hours with its price now around the $20,350 (roughly Rs. 16.61 lakh) mark across global exchanges while Indian exchanges like CoinDCX value BTC at $20,998 (roughly Rs. 17.14 lakh), almost identical to where its value stood on early Wednesday.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $20,363 (roughly Rs. 16.62 lakh) while CoinGecko data shows that BTC's value now sits 4.4 percent higher than where it stood last Thursday.

Ether, the largest smart contracts token had seen a positive week so far and the streak has continued. Ether is currently up by roughly 1.48 percent over the past 24 hours, trading in the $1,350 (roughly Rs. 1.1 lakh) range across global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,428 (roughly Rs. 1.17 lakh) where values are up by 2.39 percent over the past day.

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Gadgets 360's cryptocurrency price tracker reveals that most major altcoins had a similar climb mid-week with the global crypto market capitalisation also climbing 0.9 percent through late Wednesday and early Thursday.

Cardano, Avalanche, Uniswap, Cosmos, Solana, Polygon, TRON, Monero, Chainlink, and BNB all gains over the last 24 hours.

Memecoins Shiba Inu and Dogecoin also saw some upside to their value mid-week. Dogecoin is currently valued at $0.06 (roughly Rs. 5.3) after adding 0.85 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000012 (roughly Rs. 0.00094), up 0.22 percent over the past day.

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The recent changes in the market showed a declining trend for Bitcoin and others. There was a chance that the market would lose momentum, but the recent changes have strengthened it further. As the market has retained momentum, it has added new gains to the investors' capital. The bullish trend seems likely to continue, strengthening it further as it is retesting new resistance levels for various coins.

Meanwhile, Mcdonald's became the latest name to add Bitcoin and Tether to payment options. According to the latest updates, the company has announced that it will accept the two coins in Lugana, Switzerland. There are chances that it will expand the acceptance of crypto to other areas.

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Cryptocurrency Prices across Indian exchanges

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