Bitcoin rebounded and gained momentum on Thursday, and the digital asset was trading at $114,000 (roughly Rs. 1 crore), while Ethereum also surged to $4,400 (roughly Rs. 3.8 lakh), according to data from CoinMarketCap. Softer-than-expected US producer price index (PPI) figures at 2.6 percent boosted hopes of a US Federal Reserve rate cut. Institutional inflows have also provided a crucial boost, with Spot Bitcoin ETFs recording nearly $1 billion (roughly Rs. 8,824 crore) in net inflows this week. On Indian exchanges, Bitcoin stands at Rs. 99.8 lakh, while Ethereum hovers at Rs. 3.8 lakh.
Altcoin Prices Remain Stable as Traders Eye Rate Cuts
On Thursday, Solana (SOL) was trading at $223 (roughly Rs. 19,600), while Dogecoin (DOGE) was priced at $0.25 (roughly Rs. 22), XRP at $3 (roughly Rs. 264), and Binance Coin (BNB) at $897 (roughly Rs. 79,100). Most of these altcoins were stable, with traders awaiting more clarity from macro data.
Highlighting the shift in sentiment, Edul Patel, CEO of Mudrex, explained, “Bitcoin has gained strong momentum, trading near $114,000 (roughly Rs. 1.00 crore) after cooler-than-expected PPI data at 2.6 percent boosted hopes for a rate cut. With the odds of a rate cut next week rising to 82 percent, the broader crypto market is expected to maintain its bullish tone […] A decisive break above $115,000 (roughly Rs. 1.01 crore) could drive BTC towards $118,300 (roughly Rs. 1.04 crore)”
Adding context on ETF flows, the CoinSwitch Markets Desk observed, “Spot Ethereum ETFs ended a six-day outflow streak with about $44.16 million (roughly Rs. 389 crore) in inflows on September 9, led by BlackRock’s ETHA, while Bitcoin ETFs also saw modest inflows of about $23.05 million (roughly Rs. 203 crore). The macro backdrop is turning more favourable, as softer PPI data has revived hopes of accommodative Fed policy and helped stabilise investor sentiment.”
Meanwhile, Pi42 CEO Avinash Shekhar underlined the confidence behind Bitcoin’s rebound, saying: “Bitcoin’s renewed surge toward the $114,000 (roughly Rs. 1 crore) level underscores the deepening confidence and liquidity flowing into digital assets. This type of momentum often sparks a ripple effect across the broader market, with altcoins responding with strong price action and investor activity […] For investors, this highlights the need for a research-driven approach and diversification as a way to participate in the innovation across different parts of the crypto economy.”
Providing a broader view, the CoinDCX research team highlighted Bitcoin’s breakout, explaining: “The overall market sentiment is improving, hinting at a bullish weekend […] Meanwhile, the SEC delayed its decision on Franklin Templeton’s XRP and SOL ETFs, now due on November 14, while Chainlink’s Data Streams went live on Sei, offering institutional-grade data feeds for equities, GDP, and 300+ assets.”
Bitcoin could soon cross $115,000 (roughly Rs. 1.01 crore), and if the momentum is in its favour, the digital asset could breach $118,300 (roughly Rs. 1.04 crore) mark. Ethereum is hovering near $4,400 (roughly Rs. 3.8 lakh), while altcoins like Solana and Dogecoin show stability. Traders hope for confirmation of whether crypto markets can extend their bullish tone into the weekend, as the inflation data softens and ETF flows are strengthening.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
