Bitcoin, Ether Reap Small Profits in Backdrop of Majority Altcoins Trading in Reds

The crypto market, after a recent market slowdown, fell under the trillion-dollar valuation and has not been able to show any substantial recovery. Bitcoin on Tuesday, October 12, opened with a very minor gain of 0.3 percent. As per the crypto price tracker from Gadgets 360, BTC is trading around the price point of $19,065 (roughly Rs. 15.60 lakh). The oldest cryptocurrency followed a similar movement on international exchanges. As per Binance and CoinMarketCap, BTC values are hovering around the mark of $19,000 (roughly Rs. 15.50 lakh).

“Bitcoin is currently facing resistance to move upward beyond $19,500 (roughly Rs. 16 lakh), though the crypto industry is witnessing a challenging time at the moment, one indicator for Bitcoin suggests its price is poised for a big move. The Bitcoin Volatility Index has dropped below 25, which historically has lifted its price upwards in 2018, 2019 and 2020 with high volatility on its way,” the research team at CoinDCX told Gadgets 360.

Ether also bagged small gains of around 0.60 percent. Ether prices currently stand at around $,284 (roughly Rs. 1.05 lakh), Gadgets 360’s crypto price tracker reflected on Tuesday morning.

Despite both of the top two cryptocurrencies securing gains, majority altcoins found themselves struck with losses.

Red colours indicated dips from stablecoins such as Tether, Ripple, and Binance USD as well as other cryptocurrencies like Cardano, Solana, Polkadot, Polygon, and Tron among others.

Surprisingly, memecoins DOGE and SHIB did not give-in to the low market momentum and opened with slight value hikes.

Litecoin, Monero,NEAR, and Bitcoin Cash managed to reel-in small profits.

In the last 24 hours, the overall crypto market cap rose by 0.42 percent. As per CoinMarketCap, the crypto sector valuation stands at $921.53 billion (roughly Rs. 75,78,677 crore).

Industry insiders have time and again said that as more nations adopt crypto rules, the market would become more stabalised. In the coming days, the high volatility that plagues the crypto markets, may get a long-term solution.

All 27 EU member states could get one uniform legal framework in the coming days.

Portugal also has joined the list of nations that are bringing digital assets under a tax regime. The nation is looking to impose a 28 percent capital gains tax on crypto.

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