Crypto Price Today: Bitcoin Price Remains Stable Above $34,000 Despite Several Altcoins Seeing Losses

At the time of writing, the value of Bitcoin stood at $34,397.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 1 November 2023 11:49 IST

Crypto Price Today: Bitcoin Price Remains Stable Above $34,000 Despite Several Altcoins Seeing Losses

Photo Credit: Pixabay/ WorldSpectrum

The crypto market valuation stands at $1.27 trillion as of November 1

Highlights

USD Coin, Stellar saw gains
Dogecoin, Cardano recorded losses
Neo Coin, Iota saw profits

Bitcoin on Tuesday, November 1 reflected minor gains of 0.60 percent on the crypto price chart. At the time of writing, the value of Bitcoin stood at $34,397 (roughly Rs. 28.6 lakh). It has been about eight days that Bitcoin has managed to keep its value above the mark of $34,000 (roughly Rs. 28.3 lakh). In the last 24 hours, the value of Bitcoin has grown in value by $127 (roughly Rs. 10,576). Ether minted a small profit of 0.57 percent on Tuesday. It stepped into November trading at the price point of $1,809 (roughly Rs. 1.50 lakh).

It is noteworthy that it was in the month of November 2021, when both — Bitcoin and Ether had registered their last known all-time high (ATH) prices of $68,000 (roughly Rs. 56.6 lakh) and $4,815 (roughly Rs. 4 lakh) respectively. Presently, both are trading fairly behind their respective ATHs.

“BTC concluded October with a remarkable 29 percent surge, partly attributed to the growing speculation about the approval of BTC spot ETFs. Additionally, the approaching halving event is drawing nearer, further piquing investor interest. Notably, there has been a significant increase in social media volume related to BTC recently, which reflects a positive trend, indicating rising interest among investors and traders. Meanwhile, ETH is gradually picking up momentum, while many altcoins are maintaining a sideways movement,” the CoinDCX team told Gadgets360.

Other cryptocurrencies that are trading in the greens today include Ripple, Solana, USD Coin, Stellar, and Tron.

Near Protocol, Neo Coin, and Iota also recorded small gains on Tuesday.

With a miniscule rise of 0.13 percent, the market cap of the crypto sector stands unchanged for the third day at $1.27 trillion (roughly Rs. 1,05,73,111 crore).

“Broader markets are looking forward to the Fed meeting expected to happen today. Any interest rate change is expected to change the tone of crypto market performance. Though, investors are particularly excited about spot BTC ETFs in the US, the SEC may respond to the BTC ETF applications before the winter holiday season this year,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.

Meanwhile, cryptocurrencies trading in losses today include Cardano, Dogecoin, Chainlink, and Polygon.

Polkadot, Litecoin, Avalanche, Cosmos, Uniswap, and Cronos also saw losses.

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Cryptocurrency Prices across Indian exchanges

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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

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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