Crypto Price Today: Bitcoin Price Remains Stable Above $34,000 Despite Losses by Many Altcoins

Bitcoin showed a modest gain of 0.60 percent on the crypto price chart on Tuesday, November 1. At the time of writing, Bitcoin was worth $34,397 (approximately Rs 28.6 lakh). It has been almost eight days since Bitcoin has managed to keep its value above the $34,000 (approximately Rs 28.3 lakh) mark. The price of Bitcoin has increased by $ 127 (about Rs 10,576) in the last 24 hours. Ether made a small gain of 0.57 percent on Tuesday. It hit a price of $1,809 (about Rs 1.50 lakh) in November trading.

It is noteworthy that it was the month of November 2021, when both Bitcoin and Ether recorded their last known all-time high (ATH) prices of $68,000 (approximately Rs 56.6 lakh) and $4,815 (approximately Rs 4 lakh). Respectively. Currently, both are trading well behind their respective ATHs.

“BTC finished October with a notable increase of 29 percent, partly due to increased speculation regarding the approval of a BTC spot ETF. Additionally, the upcoming halving event is approaching, further increasing investor interest. Notably, there has been a significant increase in BTC-related social media volume recently, reflecting a positive trend, indicating increased interest among investors and traders. “Meanwhile, ETH is slowly gaining momentum, while many altcoins are maintaining sideways momentum,” the CoinDCX team told Gadgets360.

Other cryptocurrencies that are trading in the green today include Ripple, Solana, USD Coin, Stellar, and Tron.

Near Protocol, Neo Coin and Iota also registered slight gains on Tuesday.

With a marginal increase of 0.13 percent, the market cap of the crypto sector remains unchanged for the third day at $1.27 trillion (approximately Rs 1,05,73,111 crore).

“Broader markets are looking forward to the Fed meeting today. Any change in interest rates is expected to change the performance of the crypto market. “While investors are particularly excited about spot BTC ETFs in the US, the SEC may respond to BTC ETF applications before the winter holiday season this year,” Parth Chaturvedi, Investment Lead, CoinSwitch Ventures told Gadgets 360.

Meanwhile, cryptocurrencies trading with losses today include Cardano, Dogecoin, Chainlink, and Polygon.

Losses were also seen in Polkadot, Litecoin, Avalanche, Cosmos, Uniswap and Chronos.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss incurred from any investment based on any speculative recommendation, forecast or any other information contained in the article.

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