Bitcoin price today: The world’s largest cryptocurrency rose by 1.59% over the past 24 hours today, to $84,355.66, close to the recent record high near the $85,000 level earlier this month. At the time of writing, Bitcoin’s market capitalisation was also up 1.57% to $1.69 trillion, with trading volume up 2.96% to $33.19 billion, according to data from CoinMarketCap.
Bitcoin dominance was down 0.9% to 58.6% of the total cryptocurrency market, with the second-largest token, Ethereum, comprising 11.5% of the pie, up 0.27%, and other cryptos making up the remaining 29.9%, up 0.63%, it added.
Overall, the crypto market cap today was in the green at $2.89 trillion, with 24-hour trading volume recorded at $99.31 billion, CoinMarketCap data showed.
Crypto prices today: Ethereum, XRP, Solana, Binance
- Ethereum was trading up by 1.57% at $2,729.20, with market cap of $333.2 billion (up 1.63%) and trading volume of $15.38 billion (up 18.68%), according to CoinMarketCap data.
- Binance Coin (BNB) was trading up by 0.2% at $765.87, with market cap of $101.98 billion (up 0.15%) and trading volume of $1.63 billion (up 14.83%), data on Coinmarketcap showed.
- Solana was trading up by 0.75% at $120.35, with market cap of $70.75 billion (up 0.77%) and trading volume of $3.37 billion (down 11.03%), Coinmarketcap data showed.
- XRP was trading up by 0.33% at $1.51, with market cap of $95.45 billion (up 0.34%) and trading volume of $4.24 billion (up 7.93%), Coinmarketcap data showed.
Why are Bitcoin and crypto prices up today?
According to the CoinMarketCap analysis, Bitcoin outperformed a flat broader market today, primarily due to recovery from macro-driven selling pressure. It shows a strong correlation (85%) with the S&P 500 over seven days, indicating a shared rate-sensitive move.
As Bitcoin rebounded alongside traditional markets, stabilising derivatives activity helped bolster the defence of a key technical support level, it added. Based on the analysis, the near-term market outlook is as follows: If BTC holds above the $82,500 support, it could retest resistance near $85,000.
A key data point to watch for is whether the token “can convert the $84,000–$85,000 supply zone into support after the PCE data release (on Wednesday), or if it gets rejected back toward the $82,500 level”.
Can rally sustain? What should investors watch for? Experts say…
According to Alex Kuptsikevich, chief market analyst at FxPro, the crypto market continues to show low volatility and, at the $2.87 trillion level, is cautiously forming a rebound from last week’s lows near $2.83 trillion. However, as long as the market remains below $2.90 trillion, it is technically in a short-term downtrend.
Instead of Bitcoin, Kuptsikevich pointed to Ethereum as the key token to watch. He noted that the second-largest token, recording its seventh consecutive week of growth, avoided a relatively deep correction and climbed above $2.7K today. “If the crypto market is a leading indicator of global risk appetite, then Ethereum is an indicator of sentiment within the crypto space,” he feels.
Overall, he believes that the crypto market is stabilising at $2.87 trillion; Bitcoin is holding steady at $82.5K–$84K, and Ethereum is again above $ 2.7K. Tokenisation and artificial intelligence (AI) could support the next growth cycle.
Riya Sehgal, Research Analyst at Delta Exchange, feels that crypto markets remain under pressure as higher US Treasury yields, oil prices and expectations of another Fed hike weigh on risk assets.
“Focus now shifts to US JOLTS data today, PCE inflation on Wednesday and the September jobs report on Friday. Stronger labour data could support Fed hike expectations and pressure crypto, while weaker data could ease yields and support risk assets,” she added.
According to Sehgal, the crypto market is seeing volatility and repeated rebounds and rejections overall, “but the move remains closer to macro-driven deleveraging and consolidation than a broad sell-off”.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
