Crypto Price Today 543x2g Bitcoin Soars Past $68,000 Amid US Election Optimism for Pro-Crypto Policies

On Monday, Bitcoin was trading at $68,771 (roughly Rs. 57.8 lakh) on foreign exchanges. 396z5j

Written by Siddharth Suvarna | Updated: 21 October 2024 13:33 IST

Crypto Price Today: Bitcoin Soars Past $68,000 Amid US Election Optimism for Pro-Crypto Policies

Photo Credit: Unsplash/ Michael Förtsch 32z31

The crypto sector’s valuation has reached $2.38 trillion as of October 21

Highlights

Polkadot, Leo saw gains
Litecoin, Polygon recorded profits
Neo Coin, Iota ed losses

ment

The crypto market is experiencing a bull run, with analysts attributing the surge to the US elections. Amid this momentum, Bitcoin has broken free from a three-month price slump. On Monday, October 21, Bitcoin was trading at $68,771 (roughly Rs. 57.8 lakh) on international exchanges, showed CoinMarketCap. Over the last 24 hours, BTC's profit margin rose by around one percent on both national and international exchanges. As per Indian exchanges like CoinSwitch and Giottus, BTC is priced $69,982 (roughly Rs. 58.8 lakh).

“With the US presidential elections approaching soon, investors are optimistic about a more crypto-friendly environment, further driving market activity. Bitcoin is continuing its upward momentum. This surge has attracted record weekly inflows into spot ETFs, with $2 billion (roughly Rs. 16,813 crore) pouring in over the past seven days,” Edul Patel, CEO of Mudrex told Gadgets360, commenting on the market status.

crypto price tracker by Gadgets360.

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“ETH broke out of a symmetrical triangle and showing strong bullish momentum. It can continue going to $2,850 (roughly Rs. 2.40 lakh), where selling pressure might emerge. The structure of a retest here would indicate buying on dips, whereas a drop below the 20-day EMA would indicate bearish sentiment,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.

Meanwhile, the market rally also helped most altcoins see gains. Polkadot -- all tailed BTC and ETH into ing profits on Monday.

Polygon also secured profits on the price chart.

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“Key altcoins have surged with confidence. Memecoins continue to be among the top gainers this week. A strong finish to the month is expected leading into US elections in November,” Vikram Subburaj, CEO, Giottus told Gadgets360.

The overall crypto market cap rose by 1.76 percent in the last 24 hours. With this, the sector's valuation has reached $2.38 trillion (roughly Rs. 2,00,08,386 crore) as per data by CoinMarketCap.

Circuits of Value recorded losses.

“We should note here that OND quarter (October-November-December) historically has always been bullish, especially if it is a BTC halving year. Adding to the optimism, the USDT market cap has hit a record $120 billion, (roughly Rs. 10,08,726 crore) reinforcing its position as the world's largest stablecoin. The current US election year is adding fuel to the bullish outlook. Prediction markets are showing increased odds of Donald Trump's victory,” the CoinSwitch markets desk told Gadgets360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Zcash

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More