All of the top 10 cryptocurrencies were in red at 9.30 hours IST with Cardano, Binance Coin and Polkadot declining up to 4 per cent each.
The global crypto market cap was almost flat, down by a per cent to $2.1 trillion compared to the last day. However, the total crypto market volume tanked about 13 per cent to $86.36 billion.
After an intensely volatile past week, the cryptocurrency market was able to hold on to its support levels over the weekend, said Edul Patel, CEO and Co-founder, Mudrex.
“The largest altcoin, Ethereum, stayed comfortably over the $3,300 mark and Bitcoin inched closer towards $48,000. As volumes increase over the coming 24 hours, the crypto spectrum could likely witness some profit-booking,” he added.
Kicking off the final quarter of the year, crypto prices surged as the US Federal Reserve Chair Jerome Powell reaffirmed that the central bank has no intention to ban digital assets.
“With the highly anticipated US bitcoin exchange-traded fund (ETF) expected to be approved in Q4, we can expect crypto prices to trend upwards as the industry rallies towards greater growth and development in the sector,” said CoinDCX Research Team.
Crypto Cart: Quick Glance
Bitcoin: $47,427.74, down 0.95%
Ethereum: $3,332.65, down 1.92%
Cardano: $2.17, down 3.94%
Binance Coin: $413.54, down 3.57%
Tether: $1, down 0.02%
Solana: $166.15, down 2.39%
XRP: $1.02, down 1.67%
USD Coin: $1, down 0.02%
Polkadot: $30.77, down 3.95%
Dogecoin: $0.2142, down 2.19%
(Source: coinmarketcap.com, data as of 09.30 hours, IST on October 04, 2021)
(Note: Price change in last 24 hours)
Back home, cryptocurrency is increasingly gaining in prominence as a payment method among a small yet growing set of businesses in the formal and informal economy in India.
The advent of digital currencies in emerging markets could spark “cryptoization” of local economies, potentially undermining exchange and capital controls and upsetting financial stability, the International Monetary Fund said.
