Bitcoin (BTC) and Ethereum (ETH), two of the world’s most valued cryptocurrencies, failed to pick up steam as they hovered withing the $19,000 and $1,200 range, respectively, on early Wednesday morning. Other popular altcoins, including the likes of Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) saw a mix of gains and losses in the last 24 hours. The TerraClassicUSD (USTC) continued to remain the biggest gainer over two consecutive days. ApeCoin (APE), on the other hand, emerged as the biggest loser in the last 24 hours.
At the time of writing, the global crypto market cap stood at $919.36 billion, marking a minor 0.03 percent gain in the last 24 hours, as per CoinMarketCap data.
Bitcoin (BTC) price today
Bitcoin price stood at $19,059.96, seeing a 24-hour gain of 0.03 percent, as per CoinMarketCap. As per Indian exchange WazirX, BTC price stood at Rs 16.27 lakhs.
Ethereum (ETH) price today
ETH price stood at $1,283.45, marking a 24-hour gain of 0.31 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.10 lakhs.
Dogecoin (DOGE) price today
DOGE registered a 24-hour gain of 2.50 percent as per CoinMarketCap data, currently priced at $0.06043. As per WazirX, Dogecoin price in India stood at Rs 5.17.
Litecoin (LTC) price today
Litecoin saw a 24-hour gain of 0.80 percent. At the time of writing, it was priced at $52.16. LTC price in India stood at Rs 4,513.
Ripple (XRP) price today
XRP price stood at $0.4857, seeing a 24-hour dip of 1.48 percent. As per WazirX, Ripple price stood at Rs 41.09.
Solana (SOL) price today
Solana price stood at $30.93, marking a 24-hour loss of 1.53 percent. As per WazirX, SOL price in India stood at Rs 2,690.99.
Top crypto gainers today (October 12)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
24-hour gain: 24.72 percent
Huobi Token (HT)
24-hour gain: 20.83 percent
24-hour gain: 10.39 percent
Convex Finance (CVX)
24-hour gain: 3.58 percent
24-hour gain: 3.45 percent
Top crypto losers today (October 12)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
24-hour loss: 7.61 percent
24-hour loss: 5.93 percent
24-hour loss: 5.91 percent
24-hour loss: 3.88 percent
24-hour loss: 2.73 percent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin and other altcoins fell slightly lower on Tuesday as bears are more powerful in the market and are not leaving any chance for bulls to enter. BTC struggles to reestablish the $19,000 level as support which is crucial for bulls. If bulls lose control over it, BTC’s support might fall to $18,000. Since the volume is low, the bounce back might take some time. The second largest cryptocurrency, Ethereum’s price continues to struggle to achieve a bullish trend post the Merge. If ETH can reclaim the $1,400 level, we might see an upward trend. But a drop below the current level could result in ETH retesting the $1,000 zone.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Most cryptocurrencies were trading in the negative at the start of Tuesday as the global cryptocurrency market capitalisation fell by 3.26 percent to $916.30 billion. The total volume in DeFi was $3.64 billion, representing 6.73 percent of the total 24-hour volume in the crypto market and the total volume of all stablecoins was $51.01 billion, representing 94.31 percent of the total 24-hour crypto market volume hinting volumes are moving away from crypto to crypto transactions. Bitcoin is trading slightly bearish during the Asian session, down 2.05 percent to trade at $19,061.16. While the other leading cryptocurrency, Ethereum, is down 3.28 percent to trade at $1,279.64. In the past, bearish sessions during the start of the week have lived long enough up to the weekend and it could be an opportunity for averaging with the exception being Bitcoin which could be bullish due to a significant difficulty increase in its mining network.”
weTrade founder Prashant Kumar offered his take on the market scenario as well, “After Tuesday’s decline, the holding pattern for the two major cryptocurrencies — Bitcoin and Ethereum — remained mostly flat on Wednesday morning during Asia trading hours. The market is awaiting both the minutes of the Federal Open Market Committee meeting and the latest Consumer Price Index numbers from the US as they could decide future interest rates which play a key role in how the market performs.”
Shivam Thakral, the CEO of BuyUCoin, said, “Most of the crypto assets remained flat but this could change as the latest CPI data is expected on Thursday and it could shake up the prices of crypto assets across the board. The US Federal Reserve has made its intentions very clear that soaring inflation is the biggest threat to the economy and it may go for another rate hike in November to cool down the inflation numbers. The markets will continue to remain shaky till macroeconomic factors surrounding the financial markets improve.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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