Bitcoin and Ether recover modest gains in the backdrop of majority Altcoins trading in reds

Bitcoin and Ether recover modest gains in the backdrop of majority Altcoins trading in reds ...

Following a recent market slowdown, the crypto market fell under the trillion-dollar valuation and has not experienced a substantial recovery. Bitcoin on Tuesday, October 12, opened with a very minor gain of 0.3 percent. BTC is trading around the price point of $19,065 (roughly Rs. 15.60 lakh)

Bitcoin is currently facing pressures to ascend beyond $19,500 (roughly Rs. 16 lakh) though the crypto industry is experiencing a difficult time at the moment, and one indicator for Bitcoin suggests its price is poised for a substantial move. The Bitcoin Volatility Index has historically raised its price upwards in 2018, 2019 and 2020, with high volatility on its way, according to CoinDCX.

Ether also saw modest gains of around 0.60 percent. Ether prices currently reach $,284 (roughly Rs. 1.05 lakh) and Gadgets 360''s crypto price trackinger was announced on Tuesday morning.

Despite two of the top two currencies securing success, majority altcoins were struck with losses.

Short colours from stablecoins such as Tether, Ripple, and Binance USD are indicated, as well as other cryptocurrencies such as Cardano, Solana, Polkadot, Polygon, and Tron.

Surprisingly, memecoins DOGE and SHIB did not give-in to the low market momentum and opened with minor value increases.

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Litecoin, Monero,NEAR, and Bitcoin Cash managed to earn modest profits.

The overall crypto market cap increased by 0.42 percent in the last 24 hours, according to CoinMarketCap. The crypto sector is valued at $921.53 billion (roughly Rs. 75,78,677 crore).

Industry insiders have said that as more countries adopt crypto regulations, the market would become more stable in the coming days. The high volatility that plagues crypto markets, might gain a long-term solution.

In the next days, all 27 EU member states may have a legal framework uniform.

Portugal has also joined the list of nations that are moving digital assets under a tax regime. The country is considering imposing a capital gains tax on crypto.

Cryptocurrency is a non-regulated digital currency, not a legal tender, and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice, or any other recommendation or recommendation of any kind, offered or approved by NDTV. NDTV shall not be liable for any loss arising from any investment based on any perceived recommendation, forecast, or other information contained in the article.