Crypto Market Today (Oct 8th, 2024): Bitcoin Price Slips, Sui Open Interest Hits ATH!

1 month ago 21

The post Crypto Market Today (Oct 8th, 2024): Bitcoin Price Slips, Sui Open Interest Hits ATH! appeared first on Coinpedia Fintech News

Crypto Market Highlights: The cryptocurrency market capitalization stands at $2.17 trillion, down 0.79% in the last 24 hours, while intraday trading volumes rose by 32.09% to $78.72 billion. Investor sentiment is still neutral, with the Fear & Greed Index at 41.

In the larger market, Chinese stocks listed in the United States have fallen dramatically. Alibaba declined by 8.9%, Bilibili by 17.2%, and Baidu by 10.1%, all due to a loss of momentum. This decrease occurs as market participants deal with uncertainty. Successively, the repercussions can be seen in the crypto market’s trends.

Bitcoin Price Update: BTC Price Dips Amid Major Whale Transfer?

Bitcoin’s 0.30% price drop to $62,493.43, despite a 44.24% increase in trading volumes, is consistent with recent trends. The SEC’s clearance of options trading for BlackRock’s spot Bitcoin ETF has boosted market interest, with spot Bitcoin ETFs acquiring $60 billion in assets in just nine months. The growth in institutional interest has increased volatility. Furthermore, a whale transfer of 4,000 BTC worth $255 million has fueled speculation, adding to current market action.

Keen on BTC price targets? Our Bitcoin Price Prediction answers that and much more!

Altcoins Today: Sui Hits 6-Month High as Open Interest Soars to $564M

Ethereum (ETH) followed a similar trajectory, dropping 0.33% to $2,432.02. Solana (SOL) also fell, down 1.23% to $144.20. Meanwhile, XRP (XRP) fell somewhat, trading at $0.5308 (-0.19%).

Curious about the long-term price targets of ETH? Read our Ethereum Price Prediction

Sui’s price rose to $2.14, its greatest intraday level in six months and 181% above last month’s low. This increase is partly due to Sui’s open interest reaching a record high of $564 million on October 8th.

Top Gainers: