Current Crypto Market: Bitcoin and Ether Struggle Amidst Widespread Price Correction

On Wednesday, October 13, Bitcoin sustained its downward trend, marking the third consecutive day of losses within the crypto market. With a decline of 2.37 percent, the value of BTC plummeted to its current trading price of $40,867 (approximately Rs. 34 lakh). Over the last day, the cryptocurrency saw a reduction of $964 (approximately Rs. 80,401). Just a week ago, Bitcoin was positioned at $44,000 (approximately Rs. 36.6 lakh). Analysts indicate that various cryptocurrencies, including Bitcoin, are presently undergoing a phase of price correction.

“Bitcoin is hovering around the $40,000 mark, witnessing sell-offs before the impending US interest rate decision. Despite its recent downward trajectory, BTC has shown an eight percent increase month-to-date and an impressive 148 percent surge year-to-date. The recent decline close to $40,600 has led to a consolidation of losses. BTC is currently encountering resistance at $41,450 and finds support at $39,500,” stated Edul Patel, Co-Founder and CEO of Mudrex, offering insights on the prevailing market conditions.

Simultaneously, Ether faced a similar downturn on Tuesday, experiencing a 3.17 percent drop in value alongside Bitcoin. Presently, the value of Ether stands at $2,166 (approximately Rs. 1.80 lakh), reflecting a decrease of $63 (approximately Rs. 5,255) in the last 24 hours.

Today witnessed a prevalence of more cryptocurrencies experiencing losses rather than gains. Notable digital assets such as Tether, Binance Coin, Ripple, and Solana reported downward trends. Additionally, Avalanche and Chainlink were among those that incurred losses in today’s trading.

Joining the list of cryptocurrencies affected by losses are Polygon, Polkadot, Shiba Inu, Leo, Stellar, and Monero.

The collective market capitalization of the cryptocurrency space has also endured a decline for the third consecutive day. CoinMarketCap indicates the current valuation to be $1.53 trillion (approximately Rs. 127,56,933 crore), showcasing a 2.44 percent downturn.

“Crypto market observers are closely monitoring SEC decisions, significant holders’ behaviour, and key support and resistance levels shaping the broader crypto market,” Rajagopal Menon, Vice President, WazirX.

Meanwhile, only a few cryptocurrencies managed to see small gains today. These include USD Coin, Cardano, Cosmos, Elrond, and Binance USD.