By: Shayak Majumder | Updated at : 02 Nov 2022 10:29 AM (IST)
Dogecoin price stood at $0.1466 on Wednesday morning. ( Image Source : KNFind/Pixabay )
Elon Musk’s favourite crypto, Dogecoin (DOGE), is riding high on the billionaire entrepreneur’s recent takeover of Twitter, emerging to be the biggest gainer after months of slump. Bitcoin (BTC) and Ethereum (ETH), on the other hand, have also managed to see minor gains in the last 24 hours, holding on to their $20,000 and $1,500 points, respectively. Other popular altcoins — including the likes of Litecoin (LTC) and Ripple (XRP) — saw minor gains across the board. The Terra Classic (LUNC) token emerged to be the biggest loser.
At the time of writing, the global crypto market cap stood at $1.02 trillion, registering a gain of 0.09 per cent in the last 24 hours, as per CoinMarketCap data.
Bitcoin price stood at $20,537.60, seeing a minor 24-hour gain of 0.26 per cent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 17.68 lakhs.
ETH price stood at $1,593.26, marking a 24-hour jump of 0.42 per cent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.38 lakhs.
DOGE registered a 24-hour gain of 2.90 per cent as per CoinMarketCap data, currently priced at $0.1466. As per WazirX, Dogecoin price in India stood at Rs 12.42.
Litecoin saw a 24-hour jump of 0.67 per cent. At the time of writing, it was trading at $55.30. LTC price in India stood at Rs 4,702.01.
XRP price stood at $0.4611, seeing a 24-hour gain of 0.49 per cent. As per WazirX, Ripple price stood at Rs 39.41.
Solana price stood at $32.28, marking a 24-hour dip of 1.04 per cent. As per WazirX, SOL price in India stood at Rs 2,731.49.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
24-hour gain: 11.11 per cent
24-hour gain: 10.85 per cent
Theta Network (THETA)
24-hour gain: 5.74 per cent
24-hour gain: 3.23 per cent
24-hour gain: 2.61 per cent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Terra Classic (LUNC)
24-hour loss: 8.43 per cent
24-hour loss: 5.55 per cent
Huobi Token (HT)
24-hour loss: 5.12 per cent
24-hour loss: 5.06 per cent
24-hour loss: 4.99 per cent
Mudrex co-founder and CEO Edul Patel told ABP Live, “Most cryptocurrencies traded sideways in the past 24 hours due to the upcoming macroeconomic events across the global markets. The price of Bitcoin is holding its current bullish momentum ahead of the FOMC meeting on Wednesday. If the BTC can maintain a steady gain above the $20,500 level, the next resistance would be at the $21,000 level. If it fails to retain the gains, we might see BTC falling to the $20,000 level. On the other hand, Dogecoin remained the biggest gainer on Tuesday, gaining more than 13 per cent over the previous day. However, there are fewer chances that the coin would rise further as it has already grown much.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “With a 24-hour trading volume of 44 billion, Bitcoin is currently worth $20,391. Bitcoin is up less than 5 per cent over the past seven days. The price of SHIB will follow the price of Dogecoin up and today SHIB is about 8 per cent higher. Dogecoin price has now broken the October high of $0.151 and reached a daily high of $0.158 on November 1. However, the candle’s four-hour close was below the previous high, which is a bearish SFP (swing failure pattern) in this time frame.”
weTrade founder Prashant Kumar offered his take on the market scenario as well, “Dogecoin is on a streak! The memecoin, since Elon Musk’s Twitter takeover, has gained approximately 12 per cent over the past 24 hours and 122 per cent in the last seven days as investors hope for more developments between the two organisations. On the other hand, Bitcoin and Ethereum remained stable ahead of the US Federal Open Market Committee on Wednesday, which is likely to announce interest rate changes. This week, Bitcoin has been holding its resistance level of $20,000 and Ethereum is inching closer to $1,600. The interest rate announcement could spark some movement in the crypto market.”
Shivam Thakral, the CEO of BuyUCoin, said, “The overall crypto market sentiment is on the positive side after most of the crypto assets witnessed a mini rally. The new Twitter CEO is a crypto enthusiast and investors are betting on Twitter’s future crypto plans which will create a more evolved and truly global crypto community as a part of the Twitter ecosystem. The US Federal Reserve meeting is around the corner and another 75 basis point rate hike is expected, that’s the reason crypto heavyweights Bitcoin and Ether are almost flat. The rate hike decision by the Fed will have a significant impact on the crypto market in the short to midterm.”
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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