On Tuesday, November 1, the price of Bitcoin increased by 0.60 percent. At the time of writing, one Bitcoin was worth $34,397 (about Rs. 28.6 lakh). It’s been about eight days that Bitcoin’s value has remained above $34,000, and in the last 24 hours, it gained $127 (about Rs. 10,576). Ether, another cryptocurrency, also saw a small profit of 0.57 percent on Tuesday and was trading at $1,809 (about Rs. 1.50 lakh) at the start of November.
It’s worth noting that back in November 2021, both Bitcoin and Ether reached their highest known prices, with Bitcoin hitting $68,000 (about Rs. 56.6 lakh) and Ether reaching $4,815 (about Rs. 4 lakh). Currently, both of these cryptocurrencies are trading below their all-time highs.
According to the CoinDCX team, Bitcoin had a strong October with a 29 percent increase in value, which was partly due to speculation about the approval of Bitcoin spot ETFs. Additionally, the upcoming halving event, which reduces the rate at which new Bitcoins are created, has garnered investor interest. There has also been a notable increase in social media discussions about Bitcoin, indicating growing interest among investors and traders. Meanwhile, Ether is slowly gaining momentum, while many other cryptocurrencies are trading without significant changes in value.
Several other cryptocurrencies are doing well today, such as Ripple, Solana, USD Coin, Stellar, and Tron. Additionally, Near Protocol, Neo Coin, and Iota have also seen small gains on Tuesday.
The overall market cap of the cryptocurrency sector has seen a tiny increase of 0.13 percent and has remained at $1.27 trillion (about Rs. 1,05,73,111 crore) for the third consecutive day.
Investors in the broader financial markets are eagerly awaiting the Federal Reserve’s meeting scheduled for today. Any changes in interest rates from this meeting could affect how the cryptocurrency market performs. Furthermore, there is considerable excitement among investors regarding the possibility of spot Bitcoin ETFs being approved in the United States. The U.S. Securities and Exchange Commission (SEC) might respond to Bitcoin ETF applications before the winter holiday season this year, which is a significant development.
However, there are some cryptocurrencies that are experiencing losses today, including Cardano, Dogecoin, Chainlink, and Polygon. Additionally, Polkadot, Litecoin, Avalanche, Cosmos, Uniswap, and Cronos have also seen declines in their values.