As of today, Bitcoin (BTC) is trading at $63,625 (approximately ₹53.4 lakh) on global exchanges. However, the cryptocurrency market is experiencing a notable downturn, with many digital assets reflecting losses. On Monday, October 7, Bitcoin faced a slight decline of less than 1% across both international and domestic platforms. According to CoinMarketCap, BTC’s price is consistent at $63,625 on global exchanges, while Indian platforms such as CoinSwitch and CoinDCX list it higher at about $65,430 (around ₹54.9 lakh).
Factors Influencing Bitcoin’s Performance
Institutional Interest and Market Sentiment
“Bitcoin’s recent performance is closely tied to rising institutional interest and the anticipation of the upcoming U.S. presidential election, which could significantly sway market sentiment,” noted Shivam Thakral, CEO of BuyUcoin, in a recent interview with Gadgets360. With an impressive year-to-date increase of 49.2 percent, Bitcoin continues to solidify its status as the top-performing asset of 2024.
Q4 Trends and Future Predictions
“Historically, the fourth quarter is a bullish period for Bitcoin, driven by favorable regulatory changes and a surge in demand for spot ETFs. As trading volumes rise and investor enthusiasm builds, the outlook for Bitcoin and the broader crypto market appears promising,” Thakral added.
Ethereum and Altcoin Movements
Ethereum Price Analysis
Ethereum (ETH) experienced a modest dip of approximately 0.30 percent on Monday, now valued at $2,487 (about ₹2.08 lakh) on international exchanges. Conversely, on Indian platforms, ETH trades at $2,086 (around ₹1.75 lakh), according to crypto price tracking data.
Broader Altcoin Trends
Several other cryptocurrencies, including Tether, Binance Coin, USD Coin, Ripple, and Dogecoin, reported declines similar to Bitcoin and Ethereum. Additionally, assets like Tron, Cardano, Shiba Inu, Chainlink, Near Protocol, Leo, and Stellar also faced losses on Monday.
Market Recovery and Gains
Overall Market Valuation
Despite the downturn in individual crypto assets, the overall valuation of the cryptocurrency market has risen by two percent in the last 24 hours. The sector’s capitalization now stands at $2.21 trillion (approximately ₹1,85,57,038 crore), as per CoinMarketCap. Notable gainers during this period include Solana, Avalanche, Polkadot, Litecoin, and Cronos, alongside Cosmos, Polygon, Bitcoin SV, Elrond, Zcash, and Dash.
Positive Market Sentiment
“Overall, the cryptocurrency market is showing signs of recovery following recent dips, bolstered by increasing confidence in the sector and improving investor sentiment,” stated Avinash Shekhar, Co-Founder and CEO of Pi42, during his conversation with Gadgets360. He noted that altcoins like Avalanche (up 5.15 percent) and Shiba Inu (up 4.83 percent) are among the top performers, benefiting from the prevailing market momentum.
Geopolitical Influences on Bitcoin
Impact of Global Events
Crypto analysts highlight that ongoing geopolitical tensions, particularly in the Middle East, have contributed to Bitcoin’s recent fluctuations. Additionally, as gold prices continue to climb, there is speculation that Bitcoin may soon follow suit, establishing a potential upward trajectory in the coming days.
