The price of bitcoin on Tuesday, October 31, was a little different from the previous day. Right now, Bitcoin, the most costly cryptocurrency, is trading for $34,270. The value of Bitcoin dropped by $25 over the past day. If market analysts are to be believed, the market is still in a bullish mood as long as Bitcoin stays over $31,000.
On Tuesday, Ether traded in the green with Bitcoin. At a 0.62 percent gain, ETH is currently worth $1,794.
“BTC appears to be stabilizing in a narrow range of $34,000. On the other hand, holders of Bitcoin with shorter holding times (less than 155 days) are taking part in one of the biggest profit-taking events in recent years, owing to the current price increase. Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said, “Investors are hopeful to see a bullish trend take over given the macro conditions unfolding.”
Together with Bitcoin and Ether, the top 40 cryptocurrencies by market capitalization appear to be in the black right now.
Today saw gains for Dogecoin, Chainlink, Polygon, Ripple, Solana, Cardano, and Binance Coin.
Polkadot, Litecoin, Avalanche, Stellar, Cosmos, Uniswap, and Cronos also experienced minor price increases.
The total value of the cryptocurrency market increased by 0.47 percent over the previous day, but it continued to hover around $1.27 trillion for the second day in a row.
The extraordinary success of Bitcoin is mostly due to investor anticipation over the SEC’s possible approval of the first US-spot Bitcoin ETF. Rajagopal Menon, Vice President of WazirX, “The stage appears to be set for a memecoin resurgence, with Pepe Coin currently leading the way and recording a surge of 57 percent in the last seven days.”
Meanwhile, Tether and USD Coin are still down for the second straight day.
Some cryptocurrencies that are losing money are Shiba Inu, Braintrust, Augur, Binance USD, and New Coin.
According to CoinShares data, cryptocurrency funds attracted over $326 million in weekly inflows, the largest weekly inflow since July 2022. Ninety percent of the overall influx, or $296 million, went to bitcoin-based funds, according to the CoinDCX research team.