Crypto Price Today: Bitcoin Price Surpasses $27,000, Most Altcoins Trade Lower

On Wednesday, October 11, Bitcoin recorded a loss of 1.95 percent. The most expensive cryptocurrency is currently trading at a price of $27,059 (approximately Rs. 22.5 lakh). In the last 24 hours, the value of BTC fell by $530 (approximately Rs. 44,112). Against the backdrop of the current war between Israel and Gaza, the element of volatility in the crypto sector has increased. Besides Bitcoin, most cryptocurrencies are also trading in the red today.

“Bitcoin is trading around the $27,100 mark (roughly Rs. 22.5 lakh) as US stock markets saw an uptick. Faced with growing geopolitical tensions, investors are choosing to take a cautious approach. Bitcoin will now have to break through the resistance at $27,300 (roughly Rs. 22.7 lakh) or risk finding support around $27,000 (roughly Rs. 22.4 lakh),” said Edul Patel, co-founder and CEO of Mudrex at Gadgets 360.

Ether suffered a loss of 2.09 percent on Wednesday. With this, the value of Ether touched the $1,554 mark (approximately Rs. 1.29 lakh). Over the last day, the price of ETH has fallen by $29 (roughly Rs. 2,413).

“The ETH/BTC pair, which the market generally considers the leading altcoin indicator, also continues to make new lows as it hits its 11-month low. Ethereum also failed to surpass its resistance at $1,750 (roughly Rs. 1.45 lakh) recently, markets are predicting that a break below $1,200 (roughly Rs. 99,860) is also likely In the coming months.

Attached, Binance Coin, Ripple, USD Coin, Solana, CardanoAnd Dogecoin also emerged among the cryptocurrencies that recorded losses today alongside BTC and ETH.

Tron, Polygon, Peas, Litecoin, Shiba InuAnd Bitcoin Cash also recorded price declines.

The crypto market valuation, which currently stands at $1.05 trillion (approximately Rs. 87,37,785 crore), fell by 1.69% in the last 24 hours according to CoinMarketCap.

Meanwhile, only a handful of cryptocurrencies managed to post profits today. These include Leo And Binance USD.

On a positive note, the CoinDCX research team said that Bitcoin’s Layer 2 Lightning Network has seen remarkable growth, estimated at 1,212% in two years. This growth in the use of the Lightning Network is expected to improve the usability of Bitcoin as a medium of exchange, thereby promoting faster and more profitable transactions.

“Asian markets have indicated an overall decline with Bitcoin’s recent three-month dominance spike and strong investor support contributing to a decline in market sentiment. Geopolitical tensions in the Middle East are now making their mark on the cryptocurrency market, leading to an uptick in trading volumes but a nearly 2% drop in market capitalization over the last 24 hours,” said Rajagopal Menon, vice president of WazirX at Gadgets 360. .

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