(Source: ECI/ABP News/ABP Majha)
Cryptocurrency Price Today: Bitcoin Rises Above $29,000, BSV Continues Streak With 22% Jump
Cryptocurrency price on October 20 quick take: The global market cap rose to $1.11 trillion.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, climbed above the $29,000 mark. Popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — landed in the greens across the board. The Bitcoin SV (BSV) token continued to remain the biggest gainer for the second consecutive day, with a 24-hour gain of over 22 percent. ApeCoin (APE), on the other hand, became the biggest loser, with a 24-hour dip of over 3 percent.
The global crypto market cap stood at $1.11 trillion at the time of writing, registering a 24-hour gain of 2.85 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $29,215.40, registering a 24-hour gain of 3.41 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 24.29 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,585, marking a 24-hour gain of 2.36 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.32 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour gain of 2.13 percent, as per CoinMarketCap data, currently priced at $0.05945. As per WazirX, Dogecoin price in India stood at Rs 4.94.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour jump of 3.62 percent. At the time of writing, it was trading at $62.71. LTC price in India stood at Rs 5,208.98.
Ripple (XRP) Price Today
XRP price stood at $0.5192, seeing a 24-hour jump of 7.34 percent. As per WazirX, Ripple price stood at Rs 43.12.
Solana (SOL) Price Today
Solana price stood at $25.65 marking a 24-hour gain of 9.17 percent. As per WazirX, SOL price in India stood at Rs 2,136.61.
Top Crypto Gainers Today (October 20)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Bitcoin SV (BSV)
Price: $50.94
24-hour gain: 22.42 percent
Stacks (STX)
Price: $0.5941
24-hour gain: 11.64 percent
eCash (XEC)
Price: $0.00002712
24-hour gain: 9.91 percent
Solana (SOL)
Price: $25.62
24-hour gain: 9.64 percent
Ripple (XRP)
Price: $0.5213
24-hour gain: 8.04 percent
Top Crypto Losers Today (October 20)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
ApeCoin (APE)
Price: $1.07
24-hour loss: 3.18 percent
THORChain (RUNE)
Price: $1.52
24-hour loss: 1.69 percent
Huobi Token (HT)
Price: $2.29
24-hour loss: 1.61 percent
Frax Share (FXS)
Price: $5.34
24-hour loss: 1.15 percent
Sui (SUI)
Price: $0.3748
24-hour loss: 0.95 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin price surged above $28,600 in response to US Federal Chair Jerome Powell's signal that the Federal Reserve is likely to maintain current interest rates in November but could consider a rate hike in December. Concurrently, the 10-year U.S. Treasury yield has risen by 6 basis points to 4.97 percent. The market is bullish, with Bitcoin growing by over 8 percent in the last week. Furthermore, Ripple's price has surged by over 7 percent in the last 24 hours following the US SEC's decision to drop charges against Ripple Labs' CEO Brad Garlinghouse and Chairman Chris Larsen. In other news, we at Mudrex launched Saber.Money, a B2B crypto wallet infrastructure and payment gateway for Indian Web3 businesses yesterday to simplify how they handle crypto payments.”
Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “In an interesting turn of events, the popular social media company Reddit recently announced that it will be winding down its internet points feature citing scalability issues. Initially launched on the Ethereum network, Reddit had moved it to the layer-2 Arbitrum (ARB, +1.6 percent) before deciding to take this call. Simultaneously, investors are keeping a close eye on LINK (+2.2 percent) as Chainlink recently announced the upcoming launch of staking v0.2 with the upgrade focusing on greater flexibility to the stakers, enhanced security for oracle services, and a dynamic reward mechanism making the overall system far more robust than before. On the other hand, India has been making moves in the blockchain technology space as HPCL has partnered with blockchain software firm Zupple Labs to use its service LegitDocs in helping in the automatic verification of its purchase orders (POs). After working on this for the last six months, HPCL seems to have now completed this integration.”
Rajagopal Menon, Vice President, WazirX, said, “Amid a fresh lawsuit against several crypto entities, Bitcoin (BTC) showed resilience, hovering around $28,600 despite regulatory concerns and rising interest rates. The New York Attorney General filed a lawsuit alleging fraud of over $1 billion by Genesis, Gemini, and DCG. Despite these headwinds, Bitcoin briefly approached $29,000 during the session. On WazirX, Ardor (ARDR) and DeXe (DEXE) have been the top gainers in the last 24 hours. According to WazirX’s 5th transparency report, the average turnaround time to respond to information requests from regulators and other government agencies was 22 minutes for the first cut response.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Analysing the technical indicators, the Relative Strength Index (RSI) is at 67, indicating strong bullish sentiment, yet approaching overbought territory, prompting caution. Conversely, the MACD indicates potential downward momentum as it lags behind the signal line. Bitcoin's current position above the 50-day exponential moving average ($27,850) signals a short-term bullish trend. Bitcoin price is consolidating between $28,600 and $28,100. A prevailing bullish trend supported by the 50 EMA and a potential break of the triple top above $28,600 may take Bitcoin to the resistance levels at $29,250 or $29,900, indicating increased bullish momentum after the break of $28,600. In conclusion, Bitcoin's trajectory is largely bullish, especially if it holds above $28,120. It could challenge the $28,627 resistance in the short term. External factors such as actual ETF approvals could significantly affect Bitcoin's journey, adding to its hectic nature amid the crypto community's growing optimism and pending ETF decisions.”
CoinDCX Research Team told ABP Live, “In the past 24 hours, BTC surged over 3.5 percent to surpass Rs 25,23,000 ($29,000) , and ETH gained 2.4 percent, reaching Rs 1,38,000 ($1,585). Notably, BTC demonstrated resilience despite a decline in the US stock market and the 10-year treasury yield hitting 5 percent, the highest in 16 years, following Powell's remarks on the need for lower economic growth to combat high inflation. Additionally, XRP experienced a substantial 7 percent spike as the US Securities and Exchange Commission (SEC) dropped charges against Ripple Labs' CEO, Brad Garlinghouse, and chairman, Chris Larsen.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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