Bitcoin Struggles Below $27K, Ether Sinks To 7-Month Low
By Kapil Rajyaguru
Bitcoin was trading high up until several days ago, but its inability to overcome the $28,000 level became a negative catalyst for upcoming price movements. The business week started with minor price drops that ultimately resulted in BTC slumping below $27,000 for the first time in October.
The past 24 hours were not all that different, with the asset remaining relatively still but nevertheless beneath $27,000.
The second-largest cryptocurrency has also not enjoyed the past several days. ETH was trading close to $1,800 earlier this month but started losing value, perhaps at the time when the Israel-Hamas conflict broke out.
The cryptocurrency dropped by more than $200 in days. As a result, ETH slipped to under $1,550 earlier today, which became its lowest price point since March this year.
Solana and Dogecoin are also slightly in the red on a daily scale. Toncoin has dropped the most from the larger-cap alts, having lost just over 2% daily.
In contrast, Binance Coin, Ripple, and Cardano sit with minor gains.
Meanwhile, The Securities and Exchange Commission does not plan to file a last-minute appeal challenging an August court ruling that makes it more likely crypto asset manager Grayscale will be cleared to launch a Bitcoin ETF.
The global crypto market cap is $1.05T, a 0.37% increase over the last day. The total crypto market volume over the last 24 hours is $26.99B, which makes a 17.33% increase. The total volume in DeFi is currently $1.94B, 7.20% of the total crypto market 24-hour volume. The volume of all stable coins is now $25.25B, which is 93.57% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.91%, a decrease of 0.08% over the day.
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