On Wednesday, Bitcoin is currently trading at $27,041. Over the course of October 11, Bitcoin faced a 1.95% decline, resulting in its present price point.
In the past 24 hours, Bitcoin's value dropped by $530. Notably, amidst the ongoing Israel-Gaza conflict, the cryptocurrency market has shown increased volatility.
This heightened instability has extended to most other cryptocurrencies, as they too find themselves in the red.
Ethereum – ETH
Ethereum (ETH) witnessed a loss of 2.09% on Wednesday, with its value falling to $1,554. During the last day, ETH's price dipped by $29.
The ETH/BTC pair, often regarded as a leading indicator for altcoins, continues to reach new lows, marking an 11-month low.
Ethereum has also struggled to surpass the $1,750 resistance level, and market analysts are predicting a potential drop below $1,200 in the coming months.
ALT Coins
Several other cryptocurrencies, including Tether, Binance Coin, Ripple, USD Coin, Solana, Cardano, and Dogecoin, joined Bitcoin and Ethereum in recording losses today.
Tron, Polygon, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash also registered price declines.
Total Market Cap
The total cryptocurrency market valuation, currently standing at $1.05 trillion, experienced a 1.69% decrease in the past 24 hours, according to CoinMarketCap.
However, amid this downward trend, a select few cryptocurrencies managed to achieve gains today. Notably, Leo and Binance USD saw positive developments.
On a positive note, the CoinDCX research team reported significant growth in Bitcoin's layer-2 Lightning Network, estimated at 1,212% over two years.
This remarkable expansion in Lightning Network usage is expected to improve Bitcoin's functionality as a medium of exchange, facilitating quicker and more cost-effective transactions.
