**The Rise and Fall of Bitcoin: A Recap of Market Performance**
A Temporary Setback for Bitcoin
On October 27, the cryptocurrency market experienced a slight setback, as Bitcoin saw a 1.91 percent loss. Despite this decline, Bitcoin’s current value remains impressive at $34,022 (approximately Rs. 28.32 lakh), showcasing its resilience after a week of strong performance. The main driving force behind Bitcoin’s surge is the anticipation surrounding the approval of BTC ETFs by the US government in the coming weeks.
Correcting Course: The Crypto Market
Following in Bitcoin’s footsteps, Ether, the second-largest cryptocurrency, also experienced a dip in its price on Friday, currently trading at $1,790 (approximately Rs. 1.48 lakh). Industry experts view Bitcoin’s recent correction as a natural occurrence after its eight-day rally, with the broader crypto market cooling off accordingly. Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, notes that even the top 20 cryptocurrencies by market capitalization are trading slightly in the red.
Diverse Market Movements
Alongside Bitcoin and Ether, other popular cryptocurrencies such as Tether, Binance Coin, Solana, Cardano, Chainlink, Polygon, Polkadot, Litecoin, and Avalanche are currently experiencing losses. Price dips have also been observed in cryptocurrencies like Stellar, Monero, Cosmos, Uniswap, and Cronos. Conversely, USD Coin, Dogecoin, Leo, Binance USD, Near Protocol, and Ardor have recorded small profits during this period.
Market Valuation Update
CoinMarketCap reports a 1.38 percent decrease in the overall valuation of the crypto market over the past 24 hours, bringing it to a total of $1.25 trillion (approximately Rs. 104,04,575 crore). It is worth noting that the crypto fear and greed index remains in the greed zone with a score of 70/100, highlighting the prevailing bullish sentiments among crypto investors.
Economic Factors and Bitcoin’s Resilience
The positive economic performance of the US, marked by a 4.9 percent GDP growth rate in the third quarter, has had a significant impact on Bitcoin’s resilience. While the US stock market continues to decline, Bitcoin has shown strength. The research team at CoinDCX views this achievement as a positive sign for Bitcoin and the overall crypto market.
Important Note
It is important to remember that cryptocurrency is an unregulated digital currency and is not considered legal tender. It carries inherent market risks, and the information provided in this article should not be construed as financial advice, trading advice, or any other recommendations. NDTV does not bear responsibility for any investment losses based on perceived recommendations, forecasts, or any other information contained within this article.
