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.

Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society’s biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain. He is also big into almost every popular sports and loves to converse on a wide variety of topics.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.