NewsletterBitcoin Price Today October 17: BTC Surges, How Long Will It Last
Bitcoin Price Today October 17 Latest Updates: The cryptocurrency market is facing a massive selloff due to various unfavorable macroeconomic forces. Bitcoin, the largest cryptocurrency, has faced a major brunt of the crypto winter. It is currently down close to 1% in the last 7 days and close to 65% from its all-time high.
However, Bitcoin showed a surprise rally in the last 24 hours. It surged by 0.7% and is currently trading at $19,270. Ethereum also follows Bitcoin and surged by a significant 1.85% in the last 24 hours. It is currently trading at $1308. ETH will look to hold the $1.3K support line.
Binance coin or BNB also surged by 0.7% in the past day and is currently priced at $272.
XRP was one of the biggest losers of the crypto market in the past day. XRP crashed by over 3% and is trading at $0.4689. This brings XRP’s weekly loss to over 11% in the last 7 days.
Despite having a volatile week, Cardano saw some relief and increased by 0.7% in the last 24 hours. It is currently trading at $0.3688. However, it is down 12% in the last 7 days. Similarly, Solana prices surged by 1.56% in the past day and are trading at $30.31.
Polygon, which increased by 1.75% in the last 24 hours, and Polkadot, which increased by 1.11% in the same time, were also the winners of the crypto rally.
Quant surged by 18% in the last 24 hours and 40% in the last 7 days to currently trade at $214.
Why Bitcoin Price Has Surged Today
The overall macroeconomic condition is still dictating the crypto price movement. Cryptocurrencies were facing a major selloff as the Fed maintains its aggressive stance to curb inflation levels. The recent inflation data has highlighted how the central bank’s interest rate hikes are not bringing inflation to target levels.
However, the Bitcoin price rally today can be attributed to the fall of dollar’s strength. The U.S. Dollar fell by 0.3% and the crypto market responded with a rally.
How Long Will The Rally Last
While the recent rally will encourage crypto investors, the market will still eye the Fed’s next interest decision. The next FOMC meeting is on the 2nd of November and will dictate the long-term price movement.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Expert Raoul Pal Reveals Crypto Market Outlook as Government Shutdown Ends
- Bitcoin Price Falls Below $100k Despite U.S. Government Reopening
- 21Shares Launches Crypto Market Index ETFs, Tracking Bitcoin, Ethereum, Solana, Dogecoin
- Michael Saylor Predicts Bitcoin Will Overtake Gold’s Market Cap by 2035
- Breaking: Canary’s Spot XRP ETF (XRPC) Goes Live on Nasdaq
- Is Shiba Inu Price Set for Recovery Amid Partnership with Unity Nodes to Expand SHIB Utility?
- Top 3 Reasons Pi Network Price May Surge Despite the Incoming Token Unlock
- Solana Price Gears Up to $180 as DApp Revenue and DEX Volume Surge
- Cardano Price Rare Pattern Points to a 55% Crash as Key DeFi Metric Plunges
- Is Dogecoin Price Set for a Rally After 4.72 B $DOGE Whale Accumulation?
- XRP Price Shows Early Signs of Recovery Ahead of the First U.S. XRP ETF Debut—Rally Ahead?
