Bitcoin Moves Past $20,000 for the First Time in October, Altcoins Pick Up on BTC Momentum

The global crypto market cap saw a gain of 1.95 percent in the last 24 hours.

Written by Shomik Sen Bhattacharjee, Edited by Siddharth Suvarna | Updated: 5 October 2022 11:33 IST

Bitcoin Moves Past $20,000 for the First Time in October, Altcoins Pick Up on BTC Momentum

Photo Credit: Unsplash/ Jeremy Bezanger

Virtual coins have risen in value along with other risk assets over the start of the week

Highlights

Bitcoin has been through a turbulent start in October thus far
Ether's price has shown positive momentum this week so far
Most better-known altcoins gained in value through Tuesday

Bitcoin and the wider cryptocurrency market climbed higher in trading on Tuesday after experiencing a turbulent month of October so far, with BTC posting its biggest two-day increase in almost a month. As things stand, the value of Bitcoin is up by 2.57 percent in the last 24 hours with its price now around the $20,100 (roughly Rs. 16.36 lakh) mark across global exchanges, while Indian exchanges like CoinDCX value BTC at $21,066 (roughly Rs. 17.15 lakh), 1.83 percent higher than that on early Tuesday.

On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $20,128 (roughly Rs. 16.38 lakh) while CoinGecko data shows that BTC's value now sits 5.4 percent lower than where it stood last Wednesday.

Ether, the largest smart contracts token had seen itself begin the week on a bit of an upturn and that bullish momentum has continued. Ether is currently up by roughly 1.5 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 $1,432 (roughly Rs. 1.16 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 1.95 percent through late Tuesday and early Wednesday.

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

Memecoins Shiba Inu and Dogecoin share a similar plight. Dogecoin is currently valued at $0.06 (roughly Rs. 5.26) after adding 5.1 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000011 (roughly Rs. 0.000936), up 3.09 percent over the past day.

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"The 24-hour Bitcoin trading volume jumped by a whopping 35 percent to cross $33 billion (roughly Rs. 2,68,783 crore) as investors around the globe are looking at younger assets to safeguard their wealth from falling fiat currencies. Crypto assets like Bitcoin and Ether are being utilised by individuals as a store value to beat inflation. The weak bond yields and delayed recovery in the stock market are pushing investors towards digital assets to achieve their financial goals. If we look at historical data, Bitcoin always performs better in October and continues the momentum till the end of the year, Bitcoin touched its lifetime high of $69,000 (roughly Rs. 56.2 lakh) in November last year," said Tarusha Mittal, COO, and co-founder of group staking platform, UniFarm commenting on Bitcoin moving beyond $20,000 (roughly Rs. 16.3 lakh) for the first time in October.

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Cryptocurrency Prices across Indian exchanges

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