Bitcoin price on Wednesday surged past $51,000-mark for the first time in a month. The most popular cryptocurrency in the world rose 4.48 per cent to $51,310 (INR 38,27,802.96) in the last 24 hours, according to coinmarketcap.com. The cryptocurrency was up nearly 23 per cent week-on-week as investors exit short postions. The sudden rise in institutional crypto services from banks and financial institutions to fulfil the demand by investors, provided the much-needed pust to Bitcoin to cross $50,000-mark. There has been reports that US Securities and Exchange Commission (SEC) to approve bitcoin exchange-traded product (ETF) in the next few weeks. This might also be another factor behind the sudden jump of Bitcoin price at the starting of this week.
“The past 24 hours were a wonderful session for the crypto market participants. The largest cryptocurrency by market capitalisation, Bitcoin, surpassed the psychological resistance level of $50,000. If Bitcoin is able to hold the current level, the altcoins would likely make some bigger moves over the coming 24 hours. With this rally, the global crypto market cap crossed a massive $2.18 trillion,” said Edul Patel, chief executive officer and co-founder, Mudrex- A Global Crypto Trading Platform.
“Ether also witnessed a massive jump to cross $3,400-mark. The largest altcoin climbed 3.33 per cent to $3,487 mark on October 6. “Ethereum has bounced back with vigor and broken out of the previous descending channel pattern. Ether may test its resistance at $3500. As the market turns propitious, the trend seems on course to reach $4,000,” said Siddharth Menon, chief operating officer, WazirX.
With the rally, the global crypto market capitalisation increased 2.79 per cent to $2.21 trillion in the last 24 hours. The total crypto marker volume climbed 3.44 per cent to $110.92 billion over the last day, according to coinmarketcap.com. The total volume in DeFi was $15.20B, 13.70 per cent of the total crypto market 24-hour volume. The volume of all stable coins was $85.60B, which is 77.18 per cent of the total crypto market 24-hour volume.
“The total DeFi market cap is around $140 billion. The crypto market has seen a decent upside in performance during the first week of October. The RSI indicator has corroborated this trend as a lot of DeFi tokens have seen tremendous gains. The RSI has broken out from the pattern. Further, the total value locked in DEFI has neared $200 billion,” said Siddharth Menon of WazirX.
Here are the top cryptocurrencies and their prices on October 6, 2021 (data from coinmarketcap.com at the time of publishing the article)
Bitcoin – $51,310, 4.48 per cent up in the last 24 hours
Ether – $3,487, 3.3 per cent up in the last 24 hours
Binance Coin – $439.20 3.08 per cent in the last 24 hours
Cardano – $2.23, 1.05 per cent up in the last 24 hours
Tether – $1.00, 0.07 per cent up in the last 24 hours
XRP – $1.07, 2.51 per cent up in the last 24 hours
Solana – $161.11, 2.34 per cent down in last 24 hours
Dogecoin: $0.2518, 4.70 per cent up in the last 24 hours
USD Coin $0.9998, 0.5 per cent up in the last 24 hours
Polkadot – $31.09 0.17 per cent down in the last 24 hours