Bitcoin Surpasses $20,000 for the First Time in October, Altcoins Recover on BTC Momentum

Bitcoin and the broader cryptocurrency market soared on Tuesday after experiencing a bumpy October so far, with BTC posting its biggest two-day rise in nearly a month. As it stands, Bitcoin’s value has increased by 2.57% in the past 24 hours, with its price now hovering around $20,100 (roughly Rs. 16.36 lakh) on global exchanges, while Indian exchanges like CoinDCX value BTC at $21,066 (roughly Rs. 16.36 lakh). 17.15 lakh), 1.83% higher than Tuesday morning.

On global exchanges like CoinMarketCap, Coinbase and Binance, the price of Bitcoin stands at $20,128 (about Rs 16.38 lakh) while data from CoinGecko shows that the value of BTC is now 5.4% lower. to that of last Wednesday.

Ether, the largest smart contracts token, had seen itself starting the week on a slight rally and that bullish momentum continued. Ether is currently up around 1.5% in the last 24 hours, trading in the range of $1,350 (roughly Rs. 1.1 lakh) on global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,432 (roughly Rs. 1.16 lakh), where values ​​have risen by 2.39% over the past day.

Gadgets 360’s cryptocurrency price tracker reveals that most major altcoins saw a similar rise mid-week, with global cryptocurrency market capitalization also rising 1.95% through Tuesday evening and Wednesday. morning.

Cardano, Avalanche, Uniswap, Cosmos, Solana, Polygon, TRON, Monero, Chainlink, and BNB have all scored sizable gains over the past 24 hours.

Memecoins Shiba Inu and Dogecoin share a similar situation. Dogecoin is currently valued at $0.06 (approximately 5.26 rupees) after adding 5.1% in value over the past 24 hours, while Shiba Inu is valued at $0.000011 (approximately 0.000936 rupees) , up 3.09% over the past day.

“Bitcoin 24-hour trading volume jumped 35% to cross $33 billion (about Rs 2,68,783 crore) as investors around the world seek younger assets to protect their wealth against falling currencies fiat.Crypto assets like Bitcoin and Ether are being used by individuals as store value to fight inflation.Low bond yields and the late stock market rally are pushing investors towards digital assets to achieve their financial goals.If we look at historical data, Bitcoin always performs better in October and continues its momentum until the end of the year, Bitcoin hit its lifetime high of $69,000 (roughly Rs. 56.2 lakh) in November of the last year,” said Tarusha Mittal, COO and co-founder of group staking platform UniFarm commenting on Bitcoin surpassing $20,000 (about Rs. 16.3 lakh) for the first time in October.

Cryptocurrency is an unregulated digital currency, which is not legal tender and is subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss resulting from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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