Bitcoin’s Rally Above $60,000 Falters as Prices of Ether and Other Altcoins Drop

Bitcoin's price dropped to $60,990 (roughly Rs. 51.2 lakh) on Friday, as the price of the digital asset fell by one percent.

Written by Radhika Parashar, Edited by David Delima | Updated: 4 October 2024 13:11 IST

Bitcoin’s Rally Above $60,000 Falters as Prices of Ether and Other Altcoins Drop

Photo Credit: Pexels/ Rodnae Productions

The total market cap of the crypto sector has come to $2.11 trillion

Highlights

Cosmos, Cronos prices fell on Friday
Both Leo, Tron increased in value
The prices of Cartesi and Braintrust have also dropped

Bitcoin's price rally faltered on Friday, as the value of the world's most widely used cryptocurrency dropped by one percent on international exchanges, after crossing the $60,000 (roughly Rs. 50 lakh) mark earlier this week. The value of the most expensive crypto asset dropped to $60,990 (roughly Rs. 51.2 lakh), according to CoinMarketCap. This is the first time this week that Bitcoin's value has dropped to this level on foreign exchanges. BTC is currently trading sideways in India at $63,453 (roughly Rs. 53.2 lakh), according to FIU-registered exchanges like CoinSwitch and CoinDCX.

“Tensions on the geopolitical front have strengthened the US dollar and thus impacted the prices of cryptocurrencies. Increasing SOFR (secured overnight financing rates) indicates liquidity problems. Relief may come with the US jobs report on Friday, improving the prospect for risk assets if rate cuts are promised,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.

Ether dropped in price by 2.17 percent on Friday. With this, the value of ETH has come to $2,143 (roughly Rs. 1.80 lakh) on Friday, showed the crypto price tracker by Gadgets360. On global exchanges, Ether is trading at $2,373 (roughly Rs. 1.99 lakh).

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Tether, Binance Coin, Solana, Ripple, Cardano, and Avalanche saw losses alongside BTC and ETH. Similarly, Chainlink, Polkadot, Near Protocol, Litecoin, Stellar, Cronos, and Cosmos also registered price slips.

The overall crypto market cap decreased by 0.93 percent over the last 24 hours. With this, the total market cap has come to $2.11 trillion (roughly Rs. 1,77,17,427 crore), acording to CoinMarketCap.

Meanwhile, some altcoins increased in value on Friday, including USD Coin, Dogecoin, Tron, Leo, and Binance USD.

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“Despite this downturn, institutional demand for Bitcoin remains robust, with purchases matching or surpassing daily mined quantities. In terms of altcoins, Solana and Cardano both maintain solid technical foundations and progress. Overall, the outlook for Bitcoin and a few other altcoins is still cautiously optimistic, despite the difficulties posed by the current volatility,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, 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, Qutm, Wrapped Bitcoin, Zcash

Radhika Parashar

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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