On Tuesday, October 24, the price of Bitcoin increased significantly by 11 percent. This year for the first time its standard Bitcoin increased to $33,623 (approximately Rs. 27.9 lakh). In fact, Bitcoin has now reached its 16-month high at today’s price. Optimism among community members surrounding the expected US approval of BTC ETFs is fueling the market. In the last day, BTC price increased by $3,356 (Rs. 2.78 lakh approx).
Eric Balchunas, a senior ETF analyst at Bloomberg, revealed
Ethereum Prices rose 7.61 percent on Tuesday. This took the price of ETH to $1,813 (roughly Rs. 1.50 lakh). In the last 24 hours, ETH has gained significantly by $125 (roughly Rs. 10,380).
In a rather conventional market movement, the majority of cryptocurrencies rose in price in recent hours, leaving behind Bitcoin and Ether on the ladder. Excitement over BTC ETFs in the US is driving the price of several altcoins higher.
The overall crypto market cap has grown by 8.57 percent in the last 24 hours and has now touched the $1.27 trillion (roughly Rs. 1,05,47,032 crore) mark, shows CoinMarketCap,
However, a bunch of cryptocurrencies, failed to see any gains today.
The trajectory of crypto adoption, however, could jump if the US approves BTC ETFs there. A Bitcoin ETF will allow people to invest in and own Bitcoin without having to buy directly from an exchange. US authorities are yet to make a definitive decision on BTC ETF approval.
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