Cryptocurrency Price Today: Bitcoin Price Remains Near $27,400 Despite Losses, Most Altcoins See Drops

On Wednesday, October 4, Bitcoin recorded a loss of 0.61%, trading at a price of $27,403 (approximately Rs. 22.8 lakhs). This is the second day this week that Bitcoin remained close to the $27,000 mark (around Rs. 22 lakh). In the last day, the value of Bitcoin fell by $12 (around Rs. 998). At this point, Bitcoin’s current value is 59.59% below its all-time high. However, it is noteworthy that Bitcoin has demonstrated a year-to-date performance increase of 65.54%.

Ether reflected a 1.50% price drop on Wednesday. At the time of writing, ETH was trading at $1,640 (roughly Rs. 1.36 lakh). For Ether, this marks a $21 (roughly Rs. 1,748) drop in value over the past day.

“Over the past 24 hours, Bitcoin has consistently maintained a trading level above $27,300, likely as traders cashed in on recent gains amid continued volatility in traditional markets. Ethereum, meanwhile, remained stable in its trading pattern ” Edul Patel, co-founder and CEO of Mudrex, told Gadgets 360.

Most cryptocurrencies recorded losses today, following BTC and ETH.

These include Bind, Binance coin, Ripple, Solana, Cardano, Dogemoneta, PolygonAND Polka dot.

There were also small losses. Litecoin, Bitcoin wrapped, Bitcoin Cash, Shiba Inu, Chain shirtAND Avalanche.

Over the past 24 hours, the overall cryptocurrency sector valuation has fallen by 0.91%. This brings the cryptocurrency market capitalization to $1.08 trillion (approximately Rs. 89,89,304 crore) according to CoinMarketCap.

“On October 3, the 10-year US Treasury yield rose to 4.75%, marking its highest level in sixteen years. This increase was prompted by statements from Federal Reserve officials, who emphasized that interest rates are not expected to decrease in 2023 and 2024. This decline in cryptocurrency prices can be attributed to the rise in US bond yields and signs of overbought, which put pressure on Bitcoin,” the CoinDCX research team told Gadgets 360.

Meanwhile, some cryptocurrencies posted record gains today.

These include Currency in USD, Tron, Leo, Stellar, Binance USD AND Monero.

Brain trust, AugurAND Bitcoin Hedging it has also emerged on the earnings side of the cryptocurrency price chart.

“The biggest altcoin news since yesterday is XRP (+4.2%) in the famous SEC vs XRP case to determine whether XRP is a security. In the latest development, the judge rejected the SEC’s attempt to cross-appeal the court’s ruling in July. This appears to have contributed positively to its price action,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

In a pivotal moment for cryptocurrencies, this week, Ethereum futures ETFs began trading in the United States for the first time. However, the development did not guarantee much volume as they could only garner a grand total of $1.9 million in trading volumes. Industry experts said that since investors are still waiting for spot cryptocurrency ETFs, this could still be considered a win for cryptocurrencies.

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