Cryptocurrency Price Today: Bitcoin Price Crosses $29,000 Mark, Losses Hit Tether, Ripple Among Other Coins

Bitcoin minted a 3.30% profit on Friday, October 20th. This took the trading value of Bitcoin to $29,190 (around Rs. 24 lakh). This marks the first time in months that Bitcoin has managed to break above the $29,000 mark and maintain its value above it for an extended period. Bitcoin has interestingly demonstrated its resilience despite the decline seen in the US stock market. Industry experts have also noted that the cryptocurrency market narrative is seemingly shifting more towards the growing dominance of Bitcoin, leading to more profits falling to the asset’s kitty.

“Bitcoin is trading above $28,600 (around Rs. 21.6 lakh) after US Federal Chair Powell signaled that the Fed is likely to keep rates unchanged in November, but there could be a potential hike in December. This coincided with the 10-year US Treasury yield rising another six basis points to 4.97%. There is bullish sentiment in the market, as evidenced by Bitcoin rising more than 8% in the last week,” Edul Patel, CEO of Mudrex, told Gadgets 360.

Ether participated Bitcoin on the profit side of the cryptocurrency chart. ETH gained 2.23% on Friday to trade at a price of $1,584 (around Rs. 1.3 lakh).

Other cryptocurrencies that trade profits include Binance coin, Cardano, Dogemoneta, Litecoin, TronAND Polygon.

Leo, Avalanche, Stellar, Monero, CosmosAND Uniswap it also posted significant profits.

The cryptocurrency market valuation has increased by 2.93% in the last 24 hours and now stands at $1.11 trillion (approximately Rs. 92,32,480 crore). CoinMarketCap.

“Investors are keeping an eye on LINK (+2.2%) as Chainlink recently announced the upcoming launch of staking v0.2 with the update focusing on greater flexibility for stakers, improved security for Oracle services and a dynamic reward mechanism that makes the overall system much more robust than before,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets360.

“Additionally, XRP saw a substantial increase of 7% as the US Securities and Exchange Commission (SEC) dropped charges against Ripple Labs CEO Brad Garlinghouse and Chairman Chris Larsen,” the team highlighted CoinDCX Research.

Meanwhile, some cryptocurrencies recorded losses today.

These include Bind, Currency in USD, Solana, Bitcoin CashAND Shiba Inu.

Other loss-making cryptocurrencies today are Brain trust, Value circuits, AugurAND BinanceUSD.

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