BTC Retains Value Above $20,000 for Second Day, Crypto Market Cap Exceeds $1 Trillion

As per Coinbase and CoinMarketCap, BTC garnered profits of around 2.45 percent to trade around the price point of $20,781 (roughly Rs. 17 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 27 October 2022 12:00 IST

BTC Retains Value Above $20,000 for Second Day, Crypto Market Cap Exceeds $1 Trillion

Photo Credit: Pixabay/ WorldSpectrum

The global crypto market cap has touched the mark of $1.03 trillion (8,51,354 crore)

Highlights

Polkadot, Polygon saw gains
DOGE, SHIB saw profits
Stablecoins saw losses

After weeks of being stagnated price-wise, Bitcoin is finally showing some small signs of recovery. On October 27, Bitcoin opened trading with a gain of 1.81 percent. At this point, BTC is trading at $20,636 (roughly Rs. 16.9 lakh). A day ago, when BTC showed its first growth in days, it had stepped into the trading arena at the price point of $20,150 (roughly Rs. 16.61 lakh) on global exchanges. As per Coinbase and CoinMarketCap, BTC garnered profits of around 2.45 percent to trade around the price point of $20,781 (roughly Rs. 17 lakh).

Ether replicated Bitcoin's market movement and roped-in substantial gains. As per the crypto price tracker by Gadgets 360, ETH rose by 3.85 percent to trade at $1,547 (roughly Rs. 1.27 lakh).

“Positive earnings reports in the US stock market clubbed with the hopes that the FED might ease on its relentless plan of aggressive interest rate hikes led to a rally in equity and crypto markets alike as Bitcoin and Ethereum surpass the important price resistance points,” the research team at CoinDCX told Gadgets 360.

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Binance Coin, Ripple, Cardano,Solana, and Polygon reeled in gains alongside BTC and ETH.

Dogecoin and Shiba Inu also saw price hikes by 15.39 percent and 11.11 perceny respectively.

DOGE is currently priced $0.076 (roughly Rs. 6,26) and SHIB is trading at $0.000954 (roughly Rs. 0.079).

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The global crypto market cap grew by 3.35 percent in the last 24 hours and touched the valuation of $1.03 trillion (8,51,354 crore).

Meanwhile, stablecoins such as Tether, USD Coin, and Binance USD did see small losses today.

“Roughly $1.15 billion (roughly Rs. 9,463 crore) worth of liquidations took place over the last 24 hours, with around 90 percent of that figure denoting short positions as markets showed bullish signs with the Dollar Strength Index (DXY) witnessing its lowest value in the past 4 weeks as it inches closer to the 109 level, a key level that could dictate the direction of the market in the coming weeks ahead of the next FOMC meeting,” the CoinDCX team added.

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Ripple, Solana, Polygon, Avalanche, Uniswap, Litecoin, Dogecoin, Shiba Inu, Tether, USD Coin, Binance USD, Cardano, Polkadot, Stellar

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