Bitcoin Trades Above $62,000 Despite Minor Dips, ETH Joins SHIB, DOGE in Clocking Small Gains

On India-based exchanges such as CoinSwitch and CoinDCX, BTC price was hovering around $63,917 (roughly Rs. 53.6 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 9 October 2024 12:49 IST

Bitcoin Trades Above $62,000 Despite Minor Dips, ETH Joins SHIB, DOGE in Clocking Small Gains

Photo Credit: Pixabay/ Elvind Pedersen

The current valuation of the crypto sector has reached $2.17 trillion

Highlights

Monero, Stellar are trading in losses
Ardon, Doge Killer reflected profits
Circuits of Value, Augur logged losses

The cryptocurrency market saw more losses than gains on Wednesday, October 9. Bitcoin experienced minor declines on both domestic and international exchanges over the past 24 hours. Despite these slight setbacks, the leading cryptocurrency has maintained its price above $62,000 (roughly Rs. 52.04 lakh) on global platforms. At the time of writing, Bitcoin was trading at $62,353 (around Rs. 52.3 lakh) on international exchanges, according to CoinMarketCap. Meanwhile, on India-based exchanges such as CoinSwitch and CoinDCX, BTC was priced higher, hovering around $63,917 (roughly Rs. 53.6 lakh).

“Bitcoin is currently trading above $62,000 (roughly Rs. 52.04 lakh), primed to show bullish momentum as ‘Uptober' optimism grows despite volatility,” said Avinash Shekhar, Co-Founder and CEO, Pi42 as commenting on the market situation.

Ether dropped in price by 1.75 percent in the last 24 hours. The asset is trading at $2,442 (roughly Rs. 2.04 lakh) on international exchanges. In India, on the other hand, ETH is valued at $2,515 (roughly Rs. 2.11 lakh), showed the crypto price tracker by Gadgets360.

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“Enthusiasm is building within the ETH community following the introduction of a new Ethereum Improvement Proposal (EIP-7781), designed to significantly enhance transaction speed and help decentralised exchanges (DEXs) save an estimated $100 million (roughly Rs. 839 crore). In the coming days, the price point of $2,400 (roughly Rs. 2,01 lakh) will act as a strong support zone for the asset,” ZebPay's Trade Desk told Gadgets360.

USD Coin, Ripple, Cardano, Avalanche, and Polkadot recorded losses alongside BTC on Wednesday.

Monero, Stellar, Cronos, and Cosmos also registered price dips.

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The overall valuation of the crypto sector tumbled by 0.55 percent in the last 24 hours. With this, the sector's valuation has reached $2.17 trillion (roughly Rs. 1,82,15,945 crore) as per CoinMarketCap.

“Sustained consolidation could allow altcoins to outperform Bitcoin in the short term,” predicted Vikram Subburaj, CEO, Giottus crypto exchange.

Meanwhile Tether, Binance Coin, Solana, Dogecoin, and Shiba Inu reflected small profits on Wednesday alongside ETH.

Polygon and EOS Coin also managed to hold onto gains despite the market volatility.

“Memecoins, known for their volatility, saw a sell-off as traders cashed out after recent gains. Tokens like PEPE, Dogwifhat (WIF), and Popcat dropped around five percent, reflecting profit-taking,” the CoinSwitch Markets Desk 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