Bitcoin on Wednesday, October 11 saw a loss of 1.95 percent. The most expensive cryptocurrency is currently trading at the price point of $27,059 (roughly Rs. 22.5 lakh). In the last 24 hours, the value of BTC dropped by $530 (roughly Rs. 44,112). In the backdrop of the ongoing Israel-Gaza war, the volatility element of the crypto sector has increased. Along with Bitcoin, most cryptocurrencies are also trading in the reds today.
“Bitcoin has been trading around the $27,100 (roughly Rs. 22.5 lakh) mark as the US Equity markets saw a slight increase. With rising geopolitical tensions, investors are choosing to take a cautious approach. Bitcoin will now need to break through the resistance at $27,300 (roughly Rs. 22.7 lakh) or risk finding support around $27,000 (roughly Rs. 22.4 lakh),” Edul Patel, Co-Founder and CEO, Mudrex told Gadgets 360.
Ether incurred a loss of 2.09 percent on Wednesday. With this, the value of Ether touched the mark of $1,554 (roughly Rs. 1.29 lakh). Over the last day, the price of ETH dipped by $29 (roughly Rs. 2,413).
“ETH/BTC pair which the market usually deems to be the leading altcoin indicator, also continues to make new lows as it reaches its 11-month low. Ethereum has also failed to go past its resistance at $1,750 (roughly Rs. 1.45 lakh) recently, markets predict that a break below $1,200 (roughly Rs. 99,860) is also likely in the coming months.
Tether, Binance Coin, Ripple, USD Coin, Solana, Cardano, and Dogecoin also emerged among cryptocurrencies that recorded losses today alongside BTC and ETH.
Tron, Polygon, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash also registered price dips.
The crypto market valuation, that presently stands at $1.05 trillion (roughly Rs. 87,37,785 crore), tumbled by 1.69 percent in the last 24 hours as per CoinMarketCap.
Meanwhile, only a handful of cryptocurrencies managed to record profits today. These include Leo and Binance USD.
On a positive note, the CoinDCX research team said Bitcoin’s layer-2 Lightning Network has witnessed remarkable growth, estimated at 1,212 percent in two years. This growth in Lightning Network usage is expected to enhance Bitcoin’s usability as a medium of exchange, promoting faster and more cost-effective transactions.
“Asia’s markets indicated an overall decline with Bitcoin’s recent three-month dominance peak and strong investor backing contributing to a decline in market sentiment. Geopolitical tensions in the Middle East are now making their mark on the cryptocurrency market, resulting in a minor uptick in trading volumes but a nearly two percent dip in market capitalisation over the past 24 hours,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.