Bitcoin's trading price on Monday, October 30 held ground over the mark of $34,000 (roughly Rs. 28 lakh), maintaining a strong position. At the time of writing, the value of Bitcoin stood at $34,295 (roughly Rs. 28.5 lakh). Talking to Gadgets 360, the CoinDCX research team said that this week carries significant weight for the crypto market due to various macro events lined up in the US that includes the FOMC meeting, the monthly unemployment rate announcement, refreshed list of job openings, and the US non-farm Employment Change – all of which can introduce volatility to the crypto market.
Ethereum minted a small profit of 0.08 percent on Monday. This brings the value of ETH to stand at $1,780 (roughly Rs. 1.48 lakh).
“There's a noticeable divide in opinions regarding the future of Bitcoin, with some anticipating a potential breakthrough past the $35,000 (roughly Rs. 29 lakh) resistance level, while others foresee a looming price correction. The situation is equally intriguing in the world of Ethereum. The prospect of Ethereum surpassing the $1,800 (roughly Rs. 1.4 lakh) level has sparked hopes of a significant rally, igniting optimism among investors. Over the weekend, signs of recovery began to emerge in the market as prices of tokens went up after a brief one-day correction,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Ahead of the US releasing details on interest rates and unemployment rate – most cryptocurrencies are trading in profits today.
These include Binance Coin, Ripple, Solana, Cardano, Dogecoin, Chainlink, and Polygon.
Other cryptocurrencies to have recorded profits include Polkadot, Litecoin, Avalanche, Stellar, Cosmos, Uniswap, and Cronos.
The crypto market valuation, that spiked by 0.03 percent in the last 24 hours, now stands on the mark of $1.27 trillion (roughly Rs. 1,05,73,111 crore), as per CoinMarketCap.
“With a gains-led momentum within the crypto market, investors are registering record trading activities. The total value of money invested in active bitcoin and ether options contracts on the prominent BTC and ETH options and futures exchange—Deribit—has surged to $20.64 billion (roughly Rs. 830 crore). This tally nearly parallels the peak registered in 2021 when BTC was at $66,000 (roughly Rs. 54.9 lakh),” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Small losses struck a handful of altcoins today, which include Tether, USD Coin, Tron, Leo, and Bitcoin SV.
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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