Majority Cryptocurrencies Take a Dip; Binance Coin, Polygon Emerge Among Few Gainers

The red-drenched crypto price charts, indicated on Monday, October 3, that the digital assets sector was stepping into a new month impacted by volatility. With a loss of nearly one percent, Bitcoin opened trading on Monday at the price point of $19,183 (roughly Rs. 15.60 lakh), as per Gadgets 360’s crypto price tracker. Losses also struck Bitcoin on international exchanges. As indicated by Binance and CoinMarketCap, BTC values slipped by around 0.90 percent. On a global level, BTC is trading at around $19,199 (roughly Rs. 15.70 lakh).

“Bitcoin failed to hold above the $20,000 (roughly Rs. 16 lakh) level last week due to a lack of buying activity. The volatility in BTC has increased in recent weeks, as the market participants reacted to the rising inflation and fluctuations in the US dollar,” Edul Patel, CEO and co-founder of Mudrex crypto investment platform told Gadgets 360.

Ether recorded slighted higher losses than Bitcoin. As per Gadgets 360’s crypto price tracker, ETH is current trading at the price point of $1,292 (roughly Rs. 1.05 lakh).

Most altcoins, including Tether, Ripple, Binance USD, Cardano, and Solana recorded price dips.

Dogecoin and Shiba Inu also failed to cut through the market slowdown and settled with losses.

“If BTC can break above its resistance at $20,433 (roughly Rs. 16.60 lakh), we might see an upward trend this week,” Patel has projected.

Meanwhile, only a handful of cryptocurrencies managed to see small gains.

These include Binance Coin, Polygon, Tron, and LEO.

Meanwhile, the market cap of the crypto sector continues to remain under the trillion-dollar mark.

With a 0.95 percent decrease over the last day, the crypto market valuation currently stands at $927.52 billion (roughly Rs. 75,63,501 crore).

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.