Bitcoin minted a profit of 0.91 percent on Thursday, October 5 to trade at the price point of $27,680 (roughly Rs. 23 lakh). This marks the third consecutive day that Bitcoin is trading in the range of $27,000 (roughly Rs. 22.4 lakh). Over the last day, Bitcoin has shown a substantial rise in its value. The asset, that was priced $27,403 (roughly Rs. 22.8 lakhs) yesterday, rose by $277 (roughly Rs. 23,050). As per market experts, October is expected to bring market consolidation and sideways movement, providing opportunities for long-term investors.
“Bitcoin's gain follows a market calm-down after Monday's sharp rally, easing traditional market headwinds,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.
Ether joined Bitcoin on the profit-side of the crypto chart on Thursday. ETH is presently trading at $1,643 (roughly Rs. 1.36 lakh) after seeing a miniscule gain of 0.8 percent. In the last 24 hours, ETH rose in price by $3 (roughly Rs. 250).
Other cryptocurrencies that registered gains today include Binance Coin, Cardano, Dogecoin, Polygon, Litecoin, and Shiba Inu.
Small profits were also churned by Chainlink, Avalanche, Monero, Cronos, Bitcoin SV, and Elrond.
“Avalanche's AVAX, a Layer 1 blockchain, has been a top performer in CoinDCX among major cryptocurrencies, with an impressive eight percent surge in the last 24 hours,” the CoinDCX research team told Gadgets 360. This rally in AVAX price comes due to the gaining popularity of its social app Stars Arena, which is a direct competitor of the very popular base chain app Friend.tech.
The overall valuation of the crypto market rose by 0.74 percent in the last 24 hours to sit on the mark of $1.09 trillion (roughly Rs. 90,73,323 crore), as per CoinMarketCap.
A notable number of cryptocurrencies did see 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 sector hot and running.
“A special focus yesterday remained on the exit 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 a new venture he might be starting. The overall crypto market seems to be calming down after Monday's sharp rally,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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