(Crypto is a volatile asset; hence you should deal with responsibility in this market)
Bitcoin and altcoins moved into the green zone in the past 24 hours. So it is good news for investors and traders that the market is showing positive momentum, and it is the right time to enter this crypto landscape.
Bitcoin and Ethereum were rising with many other altcoins. So it is always essential for investors to do daily crypto analysis for better results and profit conversion.
The crypto market cap rose by 1.65% to $934.04 billion, and its trading volume increased by 30.63% to $50.34 billion. Cardano is the most trending crypto coin, which investors are showing prime interest in.
The top-gaining cryptocurrency was Huobi Token, which rose by 14.76% to $7.68, while the top-losing cryptocurrency was Ethereum Name Service, which was diminished by 4.01% to $18.76 in the last 24 hours.
Key points:-
- The top-gaining cryptocurrency was Huobi Token, which rose by 14.76% to $7.68
- Crypto is volatile; hence, analyzing how much you can lose is always good.
- Sometimes Crypto crashes occur as a result of systematic issues.
Cryptocurrency Prices
The price of Bitcoin went up by 1.74% to $19,511.10
Bitcoin was trading with profits and gains all the time on October 17th, but it has not shown quick movement throughout the whole day. Instead, Bitcoin has demonstrated some moments but still not crossed the $19,500 level.
As we have seen, Bitcoin was more stagnant compared to its past few weeks. Well, there was not a massive impact on the trading volume of Bitcoin, just a significant rise in trading volume, but it didn’t impact the market that much.
The lowest intraday price of Bitcoin was $19,173.32, and the trading volume went up by 48.96%.
The price of Ethereum rose by 2.42% to $1329.49.
Ethereum was moving into the consolidation phase and was trading into the red zone for the whole day on October 17th. But it trades with a quick recovery in that phase, and now Ethereum is making a new record in every passing hour.
The lowest intraday price of Ethereum was $1297.45, where its trading volume was up by 23.60% to $9,486,903,776.
Other Altcoins
Ripple’s price increased by 1.66% to $0.4748, and its trading volume increased by 30.64% to $1,488,894,905.
Cardano traded with a gain of just 0.2% to $0.3684, and the trading volume increased by 12.91% to $382,984,737.
Binance also increased by 0.99% to $274.41, and the trading volume increased by 7.86% to $599,477,338.
Solana goes up by 3.26% to $30.93.
Meme Coins
The price of Dogecoin was up by 1.48% to $0.05954, whereas the trading volume increased by 13.66% to $180,621,723.
Shiba Inu’s price was up by 1.06% to $0.00001034.
What Can Cause A Crypto Crash?
Any macro and microeconomic events, such as exchange crashes, can significantly affect crypto prices. They can also slip by the slightest change in the market, affecting investors’ confidence in risky assets.
This year has been quite bad for the cryptos, where all the major cryptocurrencies have had a long-term downfall. In the case of FTX, the impact was bigger in the market. The crash affected FTX and bigger currencies such as Solana and Ethereum.
This is not the first time when the crypto market crashed. The crypto market crashed multiple times. For e.g. Bitcoin went below $3,500 in December 2018. It’s all-time high was in November 2021, about $69000, and it’s more than 75%.
What are the risks of buying crypto?
When the crypto market crashes, buying crypto is not a good sign. Some are intrigued by the crypto market and think it’s a good time to buy crypto at low prices. While the prices can recover as in the past, it can also take months.
Conditions could also get worse instead of getting better. Following past crashes, the market could take some time to recover.
Unlike the traditional market, Crypto markets don’t break circuits when the prices swing too early. The prices could slip much faster than the traditional assets.
As a rule of thumb, investors shouldn’t invest only in one asset. Instead, they mixed portfolios to reduce the risks.
Conclusion:-
As with any other market, crypto is associated with high price swings. Even though the market experienced big upswings this year, reversions are also commonplace. We have experienced similar reversions many times in the past. If you are an investor, you have the right to think about the future of cryptocurrencies. As a rule of thumb, you should only invest what you can afford to lose.
FAQs:-
How does cryptocurrency work?
Cryptocurrency works with decentralized ledger technology Blockchain that securely records all transactions.
How to buy cryptocurrency?
You can buy cryptocurrency on the crypto exchange platforms, which help you to buy and sell cryptocurrencies.
What are some risks associated with investing in cryptocurrency?
One of the common risks that are associated with cryptocurrency is its volatility. They are highly speculative assets, and their price can fluctuate anytime.
What is a cold wallet?
A cold wallet is a storage device that is not connected to the internet. They are considered safer than hot wallets.
