Cryptocurrency Price Today: Bitcoin Price Remains Stable Above $34,000, Despite Several Altcoins Recording Losses

Bitcoin reflected slight gains of 0.60% on the cryptocurrency price chart on Tuesday, November 1. At the time of writing this article, the value of Bitcoin stood at $34,397 (approximately Rs. 28.6 lakh). It has been around eight days since Bitcoin managed to maintain its value above the $34,000 mark (around Rs. 28.3 lakh). In the last 24 hours, the value of Bitcoin has risen by $127 (around Rs. 10,576). Ether It minted a small profit of 0.57% on Tuesday. It entered November trading at a price of $1,809 (around Rs. 1.50 lakh).

Interestingly, it was in the month of November 2021, when both — Bitcoin and Ether had recorded their latest all-time high (ATH) prices of $68,000 (around Rs. 56.6 lakh) and $4,815 (around Rs. 4 lakh), respectively. Currently, both are trading equally below their respective all-time highs.

“BTC ended October with a notable gain of 29%, partly attributed to growing speculation around the approval of BTC spot ETFs. Additionally, the impending halving event is approaching, further sparking investor interest. In particular , there has been a significant increase in BTC-related social media volume recently, reflecting a positive trend, indicating growing interest among investors and traders. Meanwhile, ETH is gradually gaining momentum, while many altcoins are maintaining a sideways movement.” , the CoinDCX team told Gadgets360.

Other cryptocurrencies that are trading on the greens today include Ripple, Solana, Currency in USD, StellarAND Tron.

Close to the protocol, NeomonetaAND Iota also posted small gains Tuesday.

With a minuscule increase of 0.13%, the market capitalization of the cryptocurrency sector remains unchanged for the third day at $1.27 trillion (approximately Rs. 1,05,73,111 crore).

“The broader markets are eagerly awaiting the Fed meeting scheduled for today. Any change in the interest rate is expected to change the tone of the cryptocurrency market performance. However, investors are particularly excited about spot BTC ETFs in the US, the SEC may respond to BTC ETF requests before the winter holidays this year,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets360.

Meanwhile, cryptocurrency trading at losses today includes Cardan, Dogemoneta, Chain shirtAND Polygon.

Polka dot, Litecoin, Avalanche, Cosmos, UniswapAND Chrono also saw some losses.

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