On Friday, October 20, Bitcoin’s profit was 3.30%. This brings the transaction value of Bitcoin to $29,190 (approximately Rs. 24 lakh). This marks the first time in months that Bitcoin has surpassed the $29,000 mark and has remained above that level for a long time. Interestingly, Bitcoin has shown resilience despite the decline in U.S. stocks. Industry experts have also noted that the cryptocurrency market narrative appears to be shifting more toward Bitcoin dominance, resulting in more profits falling into the asset’s kitty.
“Bitcoin is trading above $28,600 (approximately Rs. 2.16 crore) after US Federal Reserve Chairman Jerome Powell said the Fed may keep interest rates unchanged in November but may raise them in December. Meanwhile, 10-year US Treasury bonds Yields rose another 6 basis points to 4.97%. Mudrex CEO Edul Patel told Gadgets 360 that there is bullish sentiment in the market, reflected in Bitcoin’s growth of more than 8% last week.
Ethereum joins Bitcoin on the profitable side of the cryptocurrency chart. ETH gained 2.23% on Friday and was trading at $1,584 (approximately Rs. 1.30 lakh).
Other cryptocurrencies to trade profitably include Binance Coin, Cardano, Dogecoin, Litecoin, Tron, and Polygon.
Leo, Avalanche, Stellar, Monero, Cosmos, and Uniswap also made significant profits.
It shows that the valuation of the crypto market has increased by 2.93% in the past 24 hours and currently stands at $1.11 trillion (approximately Rs 92,324.8 billion) coin market cap.
“Investors are paying close attention to LINK (+2.2%) as Chainlink recently announced the upcoming launch of stake v0.2. The upgrade focuses on providing greater flexibility for stakers, enhanced security of oracle services, and dynamic reward mechanisms. Let CoinSwitch Markets Desk Senior Manager Shubham Hudda tell Gadgets360.
The CoinDCX research team highlighted: “In addition, XRP surged by 7% as the U.S. Securities and Exchange Commission (SEC) dropped charges against Ripple Labs CEO Brad Garlinghouse and Chairman Chris Larsen.”
Meanwhile, some cryptocurrencies did post losses today.
These include Tether, USD Coin, Solana, Bitcoin Cash, and Shiba Inu.
Other cryptocurrencies currently suffering losses include Braintrust, Circuits of Value, Augur and Binance USD.
Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risks. The information provided herein is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendations, predictions or any other information contained in the article.
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