BTC Price Rises Above $29,000, Stablecoins See Losses

Bitcoin on Friday, October 20 minted a profit of 3.30 percent. This took the trading value of Bitcoin to $29,190 (roughly Rs. 24 lakh). This marks the first time in months that Bitcoin has managed to breach the $29,000 mark and retain its value above it for a prolonged time. Bitcoin has interestingly demonstrated resilience despite a decline being observed in the US stock market. Industry experts have also noticed that the crypto market narrative is seemingly shifting more towards the increasing Bitcoin dominance, leading to more profits befalling the asset’s kitty.

“Bitcoin is trading above $28,600 (roughly Rs. 21.6 lakh) following US Federal Chair Powell signalling that the Fed will likely keep rates unchanged in November, but there may be a potential hike in December. This coincided with the 10-year U.S. Treasury yield rising up another six basis points to 4.97 percent. There is a bullish sentiment in the market, as reflected by Bitcoin growing over eight percent over the last week,” Edul Patel CEO of Mudrex told Gadgets 360.

Ether joined Bitcoin on the profit-making side of the crypto chart. ETH on Friday gained 2.23 percent to trade at the price point of $1,584 (roughly Rs. 1.3 lakh).

Other cryptocurrencies that are trading in profits include Binance Coin, Cardano, Dogecoin, Litecoin, Tron, and Polygon.

Leo, Avalanche, Stellar, Monero, Cosmos, and Uniswap also saw significant profits.

The valuation of the crypto market rose by 2.93 percent in the last 24 hours and is now at $1.11 trillion (roughly Rs. 92,32,480 crore), showed CoinMarketCap.

“Investors are keeping a close eye on LINK (+2.2 percent) as Chainlink recently announced the upcoming launch of staking v0.2 with the upgrade focusing on greater flexibility to the stakers, enhanced security for oracle services, and a dynamic reward mechanism making the overall system far more robust than before,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets360.

“Additionally, XRP experienced a substantial seven percent spike as the US Securities and Exchange Commission (SEC) dropped charges against Ripple Labs’ CEO, Brad Garlinghouse, and chairman, Chris Larsen,” the CoinDCX research team highlighted.

Meanwhile, some cryptocurrencies did record losses today.

These include Tether, USD Coin, Solana, Bitcoin Cash, and Shiba Inu.

Other loss-stricken cryptocurrencies today are Braintrust, Circuits of Value, Augur, and Binance USD.


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