The crypto market has shown signs of instability that persisted throughout the week as October heads into its second weekend. On Friday, October 14, Bitcoin began with a 1.88 percent rise. Gadgets 360's crypto price tracker shows that Bitcoin has remained at $19,437 (approximately Rs. 15.90 lakh) for the past many months, unable to make any headway toward the $20,000 threshold (roughly Rs. 16.46 lakh). Bitcoin gained nearly the same amount on both Binance and Coinbase, bringing its price to around $19,818. (roughly Rs. 16.30 lakh).
Against the backdrop of regular market swings, Ether started the week off on the downside on Friday. Based on data from Gadgets 360's cryptocurrency price tracker, ETH has fallen 0.15 percent in value to $1,294 (or around Rs. 1.06 lakh).
As a result of the divergent market movements of the two leading cryptocurrencies, all other altcoins fell neatly into two categories: those that followed Bitcoin's path, and those that fell with Ethereum.
Many other cryptocurrencies followed BTC's lead and had financial success, including Polygon, Shiba Inu, Uniswap, Wrapped Bitcoin, Cosmos, Stellar, and Monero.
However, Binance USD (BNB), Ripple (XRP), Cardano (ADA), Solano (SOL), and Polkadot (PLK) all fell in value.
The total value of the stock market has fallen below $1 trillion (roughly Rs. 82,34,055 crore). Bitcoin's (BTC) resilience outlasted that of Ethereum's (ETH) and other altcoins. Bitcoin has dropped by about 2% and is currently trading at around $20,000. (roughly Rs. 16 lakh). According to the research team of Indian exchange CoinSwitch Kuber, as cited by Gadgets 360, "the top 20 tokens are trading in the red, with Cardano (ADA), Solana (SOL), and Binance Coin (BNB) dropping over 10 percent during the week."
The total value of the global cryptocurrency market is $942 billion, up 3.08 percent in the last 24 hours (roughly Rs. 77,56,462 crore).
The cryptocurrency markets have taken a hit in recent days for a number of reasons. Inflation in the United States in September came in at 8.2 percent, which was above the 8.1 percent predicted by economists but below the 8.3 percent recorded in August. At 6.6%, core inflation (CPI less food and energy) reached its highest level in four decades.
Meanwhile, Wall Street fell on worries of a future Fed rate hike, but quickly recovered on the belief that it had reached a bottom. Despite the volatility, crypto assets continue to pique the curiosity of traders every day.
After seven days, the Virtual Digital Asset (crypto) index CRE8 priced in Indian Rupees was down 1.91 percent. The top eight most traded coins among Indian Rupee traders were Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), and ADA. CoinSwitch reported that the value of the Index was Rs. 2627.48 at 8 a.m. on October 14, 2022.
