On Monday, Bitcoin was trading at $68,771 (roughly Rs. 57.8 lakh) on foreign exchanges.
The crypto sector’s valuation has reached $2.38 trillion as of October 21
Photo Credit: Unsplash/ Michael Förtsch
The crypto market is experiencing a bull run, with analysts attributing the surge to the upcoming US elections. Amid this momentum, Bitcoin has broken free from a three-month price slump. On Monday, October 21, Bitcoin was trading at $68,771 (roughly Rs. 57.8 lakh) on international exchanges, showed CoinMarketCap. Over the last 24 hours, BTC's profit margin rose by around one percent on both national and international exchanges. As per Indian exchanges like CoinSwitch and Giottus, BTC is priced $69,982 (roughly Rs. 58.8 lakh).
“With the US presidential elections approaching soon, investors are optimistic about a more crypto-friendly environment, further driving market activity. Bitcoin is continuing its upward momentum. This surge has attracted record weekly inflows into spot ETFs, with $2 billion (roughly Rs. 16,813 crore) pouring in over the past seven days,” Edul Patel, CEO of Mudrex told Gadgets360, commenting on the market status.
Ether logged a price hike of 3.62 percent over the last day. The second-most expensive asset after BTC, ETH, is trading at $2,739 (roughly Rs. 2.3 lakh) on international exchanges, as per CoinMarketCap. On Indian exchanges meanwhile, the pricing of ETH is hovering over the mark of $2,760 (roughly Rs. 2.32 lakh), showed the crypto price tracker by Gadgets360.
“ETH broke out of a symmetrical triangle and showing strong bullish momentum. It can continue going to $2,850 (roughly Rs. 2.40 lakh), where selling pressure might emerge. The structure of a retest here would indicate buying on dips, whereas a drop below the 20-day EMA would indicate bearish sentiment,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.
Meanwhile, the market rally also helped most altcoins see gains. Solana, USD Coin, Ripple, Tron, Avalanche, Shiba Inu, and Polkadot -- all tailed BTC and ETH into registering profits on Monday.
Dogecoin, Leo, Litecoin, Cardano, and Polygon also secured profits on the price chart.
“Key altcoins have surged with confidence. Memecoins continue to be among the top gainers this week. A strong finish to the month is expected leading into US elections in November,” Vikram Subburaj, CEO, Giottus told Gadgets360.
The overall crypto market cap rose by 1.76 percent in the last 24 hours. With this, the sector's valuation has reached $2.38 trillion (roughly Rs. 2,00,08,386 crore) as per data by CoinMarketCap.
Stellar, Cronos, Neo Coin, Iota, and Circuits of Value recorded losses.
“We should note here that OND quarter (October-November-December) historically has always been bullish, especially if it is a BTC halving year. Adding to the optimism, the USDT market cap has hit a record $120 billion, (roughly Rs. 10,08,726 crore) reinforcing its position as the world's largest stablecoin. The current US election year is adding fuel to the bullish outlook. Prediction markets are showing increased odds of Donald Trump's victory,” the CoinSwitch markets desk told Gadgets360.
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