Bitcoin registered a gain of 0.91 percent on Thursday, October 5, trading at the price of $27,680 (approximately Rs. 23 lakh). This is the third day in a row that Bitcoin is trading around $27,000 (approximately Rs. 22.4 lakh). Over the past day, Bitcoin has shown a significant increase in value. The asset, which was worth $27,403 (approximately Rs. 22.8 lakhs) yesterday, rose by $277 (approximately Rs. 23,050). According to market experts, October is expected to bring market consolidation and sideways moves, providing opportunities for long-term investors.
“Bitcoin’s gains follow a market calming after Monday’s sharp rally, easing traditional market headwinds,” Rajagopal Menon, vice president of WazirX, told Gadgets 360.
Ether joined Bitcoin on the gains side of the crypto chart on Thursday. ETH is currently trading at $1,643 (approximately Rs. 1.36 lakh) after a minuscule gain of 0.8 percent. In the last 24 hours, the price of ETH has increased by $3 (approximately Rs. 250).
Other cryptocurrencies that posted gains today include Binance Coin, Cardano, Dogecoin, Polygon, Litecoin and Shiba Inu.
Small gains were also made by Chainlink, Avalanche, Monero, Cronos, Bitcoin SV and Elrond.
“Avalanche’s AVAX, a Layer 1 blockchain, is a top performer in CoinDCX among the major cryptocurrencies, with an impressive eight percent increase in the past 24 hours,” the CoinDCX research team told Gadgets 360. This rally in the AVAX price is thanks to the growing popularity of its social app Stars Arena, which is a direct competitor to the very popular basic chain app Friend.tech.
The crypto market’s overall valuation has risen 0.74 percent in the past 24 hours to touch the $1.09 trillion mark (approximately Rs. 90,73,323 crore), according to CoinMarketCap.
A notable number of cryptocurrencies experienced losses today. These include Tether, Ripple, USD Coin, Solana, Tron, Polkadot and Bitcoin Cash.
Industry experts are optimistic that newer developments and upcoming Web3 developments will keep the industry afloat.
“Yesterday, particular attention continued to be focused on the departure of Jayanti Kanani from Polygon, popularly known as JD, the co-founder of India-based Layer-2 MATIC (+0.4 percent). According to his post on x.com, Jayanti has embarked on a new journey, which could mean he will be starting a new venture. The overall crypto market appears to be calming down after Monday’s sharp rally,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.
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