Crypto Market Capitalization Exceeds $4 Trillion Due to Rises in Ethereum and Bitcoin
A significant psychological milestone for investors was reached on Tuesday as the global cryptocurrency market soared beyond the $4 trillion (about ₹3,54,84,000 crore) milestone. Tuesday saw Bitcoin continue to rise, staying stable around $114,000, or about Rs. 1.01 crore, as gold surged to fresh all-time highs and investor optimism strengthened. Bitcoin has historically followed in the footsteps of gold, both of which are regarded as safe-haven investments.
Ethereum accelerated as well, approaching $4,200 (around Rs. 3.7 lakh). If bulls maintain this level, analysts predict that ETH may rise to greater peaks. According to the Gadgets 360 price tracker, Ethereum is currently trading at Rs. 3.7 lakh while Bitcoin is trading at Rs. 1 crore in India.
Whale Accumulation and Institutional Flows Support Market Strength
With Binance Coin (BNB) trading above $1,022 (about Rs. 90,900) and Solana (SOL) circling around $210 (approximately Rs. 18,700), the altcoin market showed a mixed performance on Tuesday. Dogecoin (DOGE) remained stable at $0.23 (about Rs. 20), while XRP fell to $2.88 (about Rs. 256). As lower interest rates increase liquidity, the global cryptocurrency market also saw a surge in market capitalization, surpassing $4 trillion, indicating optimism in digital assets.
Edul Patel, CEO of Mudrex, stated that whale transfers and the spike in gold both contribute to Bitcoin’s upward trend. “Whales continue to support the price action with transfers of over 3900 BTC in a day, suggesting potential big moves ahead. Ethereum is also gaining ground at this time, trading above $4,200, or around Rs. 3.7 lakh.
The CoinSwitch Markets Desk added a more comprehensive viewpoint, pointing out that as Bitcoin outflows reinforce holding behavior, investors are displaying indications of commitment. While last week’s liquidation cleaned weaker hands and left stronger holders in charge, bitcoin outflows from exchanges show investors are holding rather than selling. A positive Q4 prognosis is supported by October’s historical seasonality, with traders hopeful of both macro and seasonal tailwinds.
“Bitcoin is holding steady above $114,000 (roughly Rs. 1.01 crore), showing resilience as traders anticipate the seasonal tailwinds of ‘Uptober,'” said Avinash Shekhar, co-founder and CEO of Pi42, highlighting rising sentiment and seasonal tailwinds. With the help of strong reserves and institutional interest, Ethereum has recovered […]. All things considered, even while the general climate is still cautious, the capacity of popular assets like Bitcoin, Ethereum, and Solana
Although caution persists due to the macroeconomic issues at play, traders maintain their optimism as historical October seasonality supports a bullish outlook. Higher goals might be unlocked by a sustained advance above $115,000 (about Rs. 1.02 crore), while any decline could test the support area of $111,000 (about Rs. 98 lakh).
Disclaimer and Risk Warning
coinweck does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. coinweck should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their research before taking any actions related to the company.