Bitcoin Price Today October 17 Latest Updates: The cryptocurrency market is dealing with an enormous selloff as a result of numerous unfavorable macroeconomic forces. Bitcoin, the most important cryptocurrency, has confronted a serious brunt of the crypto winter. It is at present down near 1% within the final 7 days and near 65% from its all-time excessive.
However, Bitcoin confirmed a shock rally within the final 24 hours. It surged by 0.7% and is at present buying and selling at $19,270. Ethereum additionally follows Bitcoin and surged by a major 1.85% within the final 24 hours. It is at present buying and selling at $1308. ETH will look to carry the $1.3K assist line.
Binance coin or BNB additionally surged by 0.7% up to now day and is at present priced at $272.
XRP was one of many largest losers of the crypto market up to now day. XRP crashed by over 3% and is buying and selling at $0.4689. This brings XRP’s weekly loss to over 11% within the final 7 days.
Despite having a unstable week, Cardano noticed some reduction and elevated by 0.7% within the final 24 hours. It is at present buying and selling at $0.3688. However, it’s down 12% within the final 7 days. Similarly, Solana costs surged by 1.56% up to now day and are buying and selling at $30.31.
Polygon, which elevated by 1.75% within the final 24 hours, and Polkadot, which elevated by 1.11% in the identical time, have been additionally the winners of the crypto rally.
Quant surged by 18% within the final 24 hours and 40% within the final 7 days to at present commerce at $214.
Why Bitcoin Price Has Surged Today
The total macroeconomic situation remains to be dictating the crypto worth motion. Cryptocurrencies have been dealing with a serious selloff as the Fed maintains its aggressive stance to curb inflation ranges. The recent inflation data has highlighted how the central financial institution’s rate of interest hikes should not bringing inflation to focus on ranges.
However, the Bitcoin worth rally right this moment could be attributed to the autumn of greenback’s energy. The U.S. Dollar fell by 0.3% and the crypto market responded with a rally.
How Long Will The Rally Last
While the current rally will encourage crypto buyers, the market will nonetheless eye the Fed’s subsequent curiosity resolution. The subsequent FOMC assembly is on the 2nd of November and can dictate the long-term worth motion.
The introduced content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.
