Bitcoin (BTC) dipped below the $35,000 mark early Tuesday, showing signs of slump after days of considerable gains. The overall market’s Fear & Greed Index stood at 73 (greed) as per CoinMarketCap. Popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), and Litecoin (LTC) — landed in the greens across the board. Blur (BLUR) became the biggest gainer of the lot, with a 24-hour jump of over 19 percent. Immutable (IMX), on the other hand, became the biggest loser, with a 24-hour loss of over 10 percent.
The global crypto market cap stood at $1.32 trillion at the time of writing, registering a 24-hour gain of 0.30 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $34,885.97, registering a 24-hour loss of 0.18 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 30.05 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,888.52, marking a 24-hour jump of 0.20 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.65 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour gain of 3.93 percent, as per CoinMarketCap data, currently priced at $0.07457 As per WazirX, Dogecoin price in India stood at Rs 6.41.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour jump of 1.99 percent. At the time of writing, it was trading at $73.18. LTC price in India stood at Rs 6,200.05.
Ripple (XRP) Price Today
XRP price stood at $0.688, seeing a 24-hour gain of 0.98 percent. As per WazirX, Ripple price stood at Rs 59.60.
Solana (SOL) Price Today
Solana price stood at $40.81, marking a 24-hour loss of 0.37percent. As per WazirX, SOL price in India stood at Rs 3,511.01.
Top Crypto Gainers Today (November 7)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
24-hour gain: 37.24 percent
Trust Wallet Token (TWT)
24-hour gain: 24.01 percent
The Graph (GRT)
24-hour gain: 12.94 percent
24-hour gain: 9.54 percent
24-hour gain: 8.81 percent
Top Crypto Losers Today (November 7)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
24-hour loss: 4.98 percent
NEAR Protocol (NEAR)
24-hour loss: 3.82 percent
24-hour loss: 2.70 percent
24-hour loss: 2.13 percent
24-hour loss: 1.42
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Over the last 24 hours, Bitcoin has maintained a trading range near $35,000, as investors directed their attention toward altcoins. The altcoins Ripple, Cardano, and Solana have grown by over 18 percent, 18 percent, and 13 percent, respectively, over the last seven days. Ripple’s surge is primarily attributed to the company gaining approval to operate and deliver services in Georgia and Dubai. This shift in market sentiment hints at the potential emergence of an altcoin season. Meanwhile, Bitcoin has reached a remarkable 111 percent increase in value over the past year.”
Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “While BTC has been rising for a few weeks now, the ETH/BTC pair has seemed to find a little support around the 0.05 BTC per ETH mark. The little bounce back has helped other prominent altcoins as well to show some momentum on the upside price action. If ETH/BTC can sustain above this important psychological mark, we can expect a sustained rally in altcoins, especially DeFi protocols and other infrastructure projects.”
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin has slid below its optimistic $35,000 levels over the last 24 hours. However, the market sentiment seems to be positive despite a brief dip in prices. Ethereum too has shown an impressive rally alongside Ripple and Cardano, and investors seem to be bullish about their potential. The S&P market seems to be heading to a bullish breakthrough of its own. Even though its correlation with Bitcoin has dropped below zero, if the level increases, historically it would mean a rally for crypto too.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “In the current trading environment, Bitcoin is hovering around $34,918 with minor daily swings, anchored by a pivotal point at $34,662. It faces immediate resistance at $35,352, which may lead to higher targets such as $36,834 and $37,722, while support levels around $34,112 offer reinforcement and additional cushions at $33,425 and $32,432 if needed. The Relative Strength Index (RSI) at 50.01 indicates market balance. The moving average convergence divergence (MACD) relationship with the signal line contains insight into potential bullish or bearish trends, and the 50-day exponential moving average (EMA) at $34,622 suggests a short-term bullish bias. A chart pattern resembling an ascending channel indicates a bullish trend that requires confirmation by consistent price movement within or above the channel. In summary, Bitcoin market sentiment is neutrally bullish, with a short-term call for resistance at $35,352 depending on support levels and bullish indicators.”
Shivam Thakral, CEO of BuyUcoin, said, “The crypto market remains upbeat as BTC and other digital assets continue to head north. In an interesting move, altcoins like XRP, BNB, ADA, and DOGE have outperformed BTC in the last 24 hours taking the total crypto market cap to $1.32 trillion. The Bank of England has shown intent to regulate systemic stablecoin with mass circulation while FCA will regulate the overall crypto sector. The positive regulatory developments are seen as a major step towards making digital assets mainstream in the long run.”
CoinDCX Research Team told ABP Live, “In the last 24 hours, both BTC and ETH remained steady, while altcoins saw a rise of 5-10 percent. This was accompanied by a decline in BTC dominance. BTC is currently positioned between important support at $34,000 and resistance at $36,000, while ETH still has to clear a significant resistance level of around $2,000. The market capitalisation of altcoins, excluding BTC and ETH, reached nearly $400 billion, marking a positive sign for the crypto space. It’s worth noting that tomorrow, November 8, US Fed Chair Powell will deliver a speech, which could potentially introduce some market volatility.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.