Cryptocurrency Prices: Bitcoin inches up, Ethereum, XRP plunge nearly 3%

© Nachiket Deuskar Cryptocurrency Prices: Bitcoin inches up, Ethereum, XRP plunge nearly 3%

Cryptocurrency prices continued to be in the negative territory on October 5. The global cryptocurrency market cap stood at Rs 160.32 lakh crore, a 1.38 percent increase over Monday, while the total market volume over the last 24 hours reached Rs 7,98,682 crore, logging in a 24.17 percent increase.

Bitcoin is trading at Rs 36,67,566 and its dominance is currently 43.07 percent, an increase of 0.57 percent over the day.

Cryptocurrency investment products and funds recorded inflows for a seventh straight week, as institutional investors warmed to more supportive statements from regulators, data from digital asset manager CoinShares showed on Monday.

Inflows to the sector were $90.2 million last week, led by Bitcoin which snagged $69 million, according to CoinShares data as of Oct. 1. Over the past seven weeks, crypto inflows reached $390 million. For 2021, inflows totalled $6.1 billion.

Bitcoin recorded its third straight week of inflows.

“We believe this decisive turnaround in sentiment is due to growing confidence in the asset class among investors and more accommodative statements from the US.Securities Exchange Commission and the Federal Reserve,” wrote James Butterfill, investment strategist at CoinShares.

SEC Chairman Gary Gensler last week at a Financial Times conference reiterated his support for Bitcoin exchange traded funds that would invest in futures contracts instead of the digital currency itself.

A day later, Fed Chair Jerome Powell, in remarks before Congress, said the Fed had no intention of banning cryptocurrencies.

Bitcoin on Monday hit a four-week high of just under $50,000 and was last up 2.3 percent at $49,333.

Blockchain data provider Glassnode, in its latest research note on Monday, pointed out that as Bitcoin rallied out of its narrow trading range last week, approximately 10.3 percent of the circulating supply returned to an unrealised profit.

Ethereum products and funds, meanwhile, posted another week of inflows totalling $20 million, despite conceding market share to bitcoin in recent weeks. Inflows to ether, the token for the Ethereum blockchain, so far this year amount to $1 billion.

As off 7.50 am on October 5, these are the prices of largest cryptocurrencies (data from WazirX):

NAME

PRICE (INR)

24H %

Bitcoin

36,67,566

-0.68%

Ethereum

2,55,966.7

-2.67%

Tether

77.2

0.05%

Cardano

168

-3.80%

Binance Coin

32,219.97

-2.63%

XRP

78.9

-2.79%

Polkadot

2,368.02

-4.44%

Dogecoin

16.56

-2.76%

 [Input from Reuters]