Blog

Bitcoin Price Today October 17 Latest Updates: The cryptocurrency market is dealing with a large selloff because of numerous unfavorable macroeconomic forces. Bitcoin, the biggest cryptocurrency, has confronted a serious brunt of the crypto winter. It is presently down near 1% within the final 7 days and near 65% from its all-time excessive.

However, Bitcoin confirmed a shock rally within the final 24 hours. It surged by 0.7% and is presently buying and selling at $19,270. Ethereum additionally follows Bitcoin and surged by a big 1.85% within the final 24 hours. It is presently buying and selling at $1308. ETH will look to carry the $1.3K help line.

Binance coin or BNB additionally surged by 0.7% previously day and is presently priced at $272.

XRP was one of many largest losers of the crypto market previously day. XRP crashed by over 3% and is buying and selling at $0.4689. This brings XRP’s weekly loss to over 11% within the final 7 days.

Despite having a unstable week, Cardano noticed some reduction and elevated by 0.7% within the final 24 hours. It is presently buying and selling at $0.3688. However, it’s down 12% within the final 7 days. Similarly, Solana costs surged by 1.56% previously day and are buying and selling at $30.31.

Polygon, which elevated by 1.75% within the final 24 hours, and Polkadot, which elevated by 1.11% in the identical time, had been additionally the winners of the crypto rally.

Quant surged by 18% within the final 24 hours and 40% within the final 7 days to presently commerce at $214.

Why Bitcoin Price Has Surged Today

The general macroeconomic situation remains to be dictating the crypto value motion. Cryptocurrencies had been dealing with a serious selloff as the Fed maintains its aggressive stance to curb inflation ranges. The recent inflation data has highlighted how the central financial institution’s rate of interest hikes are usually not bringing inflation to focus on ranges.

However, the Bitcoin value rally right this moment could be attributed to the autumn of greenback’s power. The U.S. Dollar fell by 0.3% and the crypto market responded with a rally.

How Long Will The Rally Last

While the current rally will encourage crypto buyers, the market will nonetheless eye the Fed’s subsequent curiosity determination. The subsequent FOMC assembly is on the 2nd of November and can dictate the long-term value motion.

Nidhish is a know-how fanatic, whose goal is to search out elegant technical options to resolve a few of society’s largest points. He is a agency believer of decentralization and needs to work on the mainstream adoption of Blockchain. He can be massive into virtually each common sports activities and likes to converse on all kinds of matters.

The introduced content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.