BTC, ETH Record Minor Dips, Tether and Polygon Among Few to Churn Profits


Majority cryptocurrencies opened with losses as the first week of October entered its last leg on Friday, October 7. With a minor price slip of 0.97 percent, Bitcoin stepped into the trading game today at the price point of $19,984 (roughly Rs. 16.5 lakh) as per Gadgets 360’s crypto price tracker. The oldest cryptocurrency failed to shake-off the small-loss trajectory on international exchanges as well. As per Binance and CoinMarketCap for instance, BTC values are hovering around the $20,015 (roughly Rs. 16.60 lakh) mark with a slight daily value dip of nearly one percent.

Ether values also saw slight declines today. With a loss of 0.53 percent, ETH opened trading at $1,355 (roughly Rs. 1.11 lakh), the crypto price tracker by Gadgets 360 showed.

At this point, Binance Coin, Ripple, Cardano, Solana, and Polkadot found themselves tailing BTC and ETH on the loss trail.

Dogecoin and Shiba Inu also saw losses.

“Crypto markets have remained resilient this past week, with overall market capitalisation close to the $1 trillion level, while BTC has been trading range-bound around $20,000 (roughly Rs. 18 lakh). At a macroeconomic level, there was a major policy u-turn from the newly formed UK government, which decided to roll-back the proposed tax cuts, that had sent the GBP currency into a depreciation spiral. Risk-on assets reacted in tandem, with most of them reversing their price slide, and have been trading in the green for the last two sessions,” Parth Chaturvedi, Crypto Ecosystem Lead, at Indian exchange CoinSwitch Kuber told Gadgets 360.

Meanwhile, a very small number of altcoins managed to grab gains in their kitties.

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These include Tether, USD Coin, Polygon, Tron, Stellar, and Elrond among others.

The global crypto market cap decreased by 1.68 percent over the last 24 hours, as per CoinMarketCap.

The global crypto valuation presently stands at $957.65 billion (roughly Rs. 78,76,559 crore).

In India, the CRE8 Index was up by 1.22 percent, reflecting the global sentiments. As of 08:00 IST, October 7, the Index Value (sum of crypto asset values of all the crypto assets in the CRE8 Index) stood at Rs. 2678.62. BTC and ETH were the top assets by market capitalisation. From a weekly perspective, from September 30 to October 7, the CRE8 index was negligibly down by 0.008 percent, from Rs. 2678.84 to Rs. 2678.62.

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