Bitcoin recorded a small loss of 1.91 percent on Friday, October 27. The value of Bitcoin, at the time of writing, stood at the mark of $34,022 (roughly Rs. 28.32 lakh). Throughout this week, Bitcoin has shown a strong performance in the market, hitting its highest value in over a year and a half. Most of the current frenzy around Bitcoin right now can be owed to the excitement there is about the possibility of the US eventually approving BTC ETFs in the coming weeks.
Ether followed Bitcoin into losses on the price ladder on Friday. Ether is currently trading at the price point of $1,790 (roughly Rs. 1.48 lakh).
“BTC seems to be undergoing some slight correction after witnessing an eight-day rally before it started observing a rangebound price action these past two days. The broader crypto market has reacted in sync and seems to be cooling off after the rally. Top 20 crypto by M.Cap seems to be trading slightly in the red,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Tether, Binance Coin, Solana, Cardano, Chainlink, Polygon, Polkadot, Litecoin, and Avalanche are all trading in losses.
Price dips have also been registered by Stellar, Monero, Cosmos, Uniswap, and Cronos.
In the last 24 hours, the overall crypto market valuation came to the mark of $1.25 trillion (roughly Rs. 104,04,575 crore) after incurring a dip of 1.38 percent, as per CoinMarketCap. The crypto fear and greed index is also well within the greed zone with a score of 70/100, signalling bullish sentiments among crypto investors.
Small profits, meanwhile, were recorded by USD Coin, Dogecoin, Leo, Binance USD, Near Protocol, and Ardor.
“It's worth noting that the US Gross Domestic Product (GDP) grew at a rate of 4.9 percent in the third quarter, surpassing the estimated 4.7 percent. This positive economic performance is a good sign, especially with BTC showing resilience while the US stock market continues to decline,” the research team at CoinDCX told Gadgets360.
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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