Cryptocurrency Price Today: Bitcoin Dips Below $21,000, Ethereum Loses $1,600 Mark
Cryptocurrency price on November 7 quick take: The global crypto market cap stood at $1.03 trillion on Monday.
Bitcoin (BTC) and Ethereum (ETH), the two most-valued crypto coins in the world, managed to rise above the $21,000 and $1,600 marks over the weekend, respectively. However, as of early Monday morning, both cryptocurrencies lost those marks and are now dwelling within the $20,000 and $1,500 range. Other popular altcoins — including the likes of Dogecoin (DOGE), Ripple (XRP), and Solana (SOL) — mostly landed the reds. The Polygon (MATIC) token managed to become the top gainer, with a 24-hour jump of nearly 5 per cent.
At the time of writing, the global crypto market cap stood at $1.03 trillion, registering a dip of 1.93 per cent in the last 24 hours, as per CoinMarketCap data.
Bitcoin (BTC) price today
Bitcoin price stood at $20,870.98, seeing a 24-hour dip of 1.55 per cent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 17.92 lakhs.
Ethereum (ETH) price today
ETH price stood at $1,586.85, marking a 24-hour dip of 1.89 per cent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.36 lakhs.
Dogecoin (DOGE) price today
DOGE registered a 24-hour loss of 5.78 per cent as per CoinMarketCap data, currently priced at $0.1175. As per WazirX, Dogecoin price in India stood at Rs 10.55.
Litecoin (LTC) price today
Litecoin saw a 24-hour jump of 3.78 per cent. At the time of writing, it was trading at $71.62. LTC price in India stood at Rs 6,280.
Ripple (XRP) price today
XRP price stood at $0.4732, seeing a 24-hour dip of 3.30 per cent. As per WazirX, Ripple price stood at Rs 40.61.
Solana (SOL) price today
Solana price stood at $32.39, marking a 24-hour loss of 9.89 per cent. As per WazirX, SOL price in India stood at Rs 2,880.
Top crypto gainers today (November 7)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Polygon (MATIC)
Price: $1.21
24-hour gain: 4.26 per cent
Litecoin (LTC)
Price: $71.85
24-hour gain: 4.11 per cent
Nexo (NEXO)
Price: $1.01
24-hour gain: 1.86 per cent
Dash (DASH)
Price: $45.80
24-hour gain: 1.26 per cent
Cronos (CRO)
Price: $0.1219
24-hour gain: 0.90 per cent
Top crypto losers today (November 7)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Solana (SOL)
Price: $32.41
24-hour loss: 10.24 per cent
ImmutableX (IMX)
Price: $0.6032
24-hour loss: 9.46 per cent
ApeCoin (APE)
Price: $4.71
24-hour loss: 8.69 per cent
Loopring (LRC)
Price: $0.3393
24-hour loss: 7.99 per cent
The Graph (GRT)
Price: $0.09155
24-hour loss: 6.83 per cent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin dominance stayed below the 40 per cent market even with the total crypto market cap climbing over the $1 trillion mark. As the market is starting to consolidate, we can expect the altcoins to show some good rallies. The largest altcoin, Ether, managed to stay around the $1,600 mark. The memecoins Doge and Shiba have settled down and lost some of their gains.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “The value of the global cryptocurrency market as a whole is also in the green after climbing back above $1 trillion in the previous twenty-four hours, up 2.16 per cent. BTC/USD traded in a range of $21,158.31 to $21,352.70, indicating moderate volatility over the past 24 hours. The price of Ethereum increased by 32 per cent from October 21 to October 29, setting a new local high of $1,663. This rapid rise has already resulted in a series of lower lows after October 29th, but Ether has yet to cause a substantial change in market structure by falling below the $1,479 swing low reached on October 28.”
weTrade founder Prashant Kumar offered his take on the market scenario as well, "The global crypto market cap declined by approximately 1.5 per cent over the weekend. Last week, the US Federal Reserve increased interest rates and Twitter announced various modifications to their operations which played a key role in market activity. Bitcoin and Ethereum both are trading close to $21,000 and $1,600, respectively after seeing an approximately 2 per cent decline over the past 24 hours. Meanwhile, other coins including Dogecoin, Solana, and Cardano are also in the red after seeing a loss of more 5 per cent against the previous day.”
Shivam Thakral, the CEO of BuyUCoin, said, “It was an exciting weekend for the crypto market as Bitcoin defied the US Fed rate hike to break above the $21,000 mark. The jump in the prices may have sparked profit booking within the short-term investor community which resulted in a healthy pullback. The overall crypto market is still above the crucial $1 trillion mark, a good sign for the overall stability of the crypto market. Bitcoin is currently trading at $20,910.92 while Ether is exchanging hands at the $1,585 level. In the altcoin space, ADA, SOL, DOT, and TRX were trading in red with MATIC being the only coin in green with a 4.58 per cent surge in the last 24 hours. The US mid-term elections tomorrow and CPI data on Thursday will be two crucial factors in deciding the future course of the crypto and traditional markets. If CPI data shows respite from soaring inflation then we may see a bull-dominated market in the coming weeks.”
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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