Bitcoin Trades Above $64,000 Despite Minor Losses, Altcoins Continue to Trade Sideways
The crypto market displayed mixed sentiment on Monday, September 30, with nearly equal numbers of cryptocurrencies posting gains and losses. Bitcoin saw a 1.94 percent decline on international exchanges over the past 24 hours. Despite this dip, the leading cryptocurrency held close to the $65,000 mark (roughly Rs. 54.4 lakh), trading at $64,452 (around Rs. 54 lakh), according to CoinMarketCap. In India, however, BTC experienced a slightly sharper drop of over two percent, with its value on platforms like CoinSwitch and CoinDCX hovering around $65,734 (roughly Rs. 55 lakh).
Ether recorded a price drop of 1.52 percent on global exchanges in the last 24 hours. At the time of writing, ETH was trading at $2,630 (roughly Rs. 2.20 lakh) as per CoinMarketCap. On Indian exchanges, ETH recorded a loss of around 1.20 percent to trade at $2,661 (roughly Rs. 2.23 lakh), showed the crypto price tracker by Gadgets360.
“The positive sentiment surrounding Bitcoin remains strong, and it’s expected to maintain momentum. BTC has officially formed a higher high, a key bullish indicator. ETH has reclaimed above the 50 EMA on the daily chart, signaling a bullish shift. Historically, the fourth quarter has been the most bullish period, and a similar trend is anticipated this cycle,” the CoinDCX markets team told Gadgets360, commenting on the market status.
Tether, Cardano, Tron, Avalanche, Chainlink, and Polkadot saw losses on Monday alongside Bitcoin and Ether.
Stellar, Cronos, Cosmos, Polygon, and Bitcoin SV also registered price dips.
The overall valuation of the crypto market dropped by 1.70 percent in the last 24 hours. With this, the valuation of the sector has reached $2.27 trillion (roughly Rs. 1,90,20,364 crore), as per CoinMarketCap.
On the other hand, cryptocurrencies that managed to record gains include Binance Coin, Solana, Ripple, Dogecoin, and Shiba Inu.
Small profits were also registered by Near Protocol, Leo, Dia, Dogefi, Bitcoin Hedge, and Nano Dogecoin.
As per market analysts, the broader crypto market will see recovery in the coming days.
“As investors diversify their portfolios, we may be witnessing the beginning of a broader recovery in the crypto space. The trends we are observing, like the renewed interest in spot Ethereum ETFs, which recently recorded their second-best week since launch, signal a potential shift in market dynamics,” Avinash Shekhar, Co- Founder and CEO, Pi42 told Gadgets360.
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