Bitcoin crosses $57,000 for the first time in five months — altcoins continue to struggle

Oct 12, 2021 By: BI India Bureau Credit: Canva

The crypto market is a mix of red and green today

While Bitcoin is leading the herd, altcoins aren’t feeling the excitement

Bitcoin crossed $57,000 in the last 24 hours

It has currently settled at $56,585

Bitcoin is at its highest in five months

The cryptocurrency is just 12% away from its all-time-high of $65,000 seen in April Credit: Canva

Investors are waiting to see whether the rally will continue

Analysts believe Bitcoin will likely need a fresh catalyst to to cross $60,000

Ethereum’s price remains stagnant at $3,472

Analysts believe this will not be the status quo for long given the growing popularity of DeFi and NFTs

Cardano continues to underperform

The ‘Ethereum Killer’ is down by 5.47 percent in the last 24 hours at a price of $2.09

Binance Coin is not faring much better

At $404.96, the cryptocurrency has dipped by 1.67 percent since yesterday Credit: Canva

Ripple’s XRP is managing to keep its head above water

Despite a drop of 5.4 percent, it’s price is above the $1 threshold at $1.09 Credit: Canva

Solana is in the red for the fourth straight day

It is down by 5.34 percent at a price of $414.19 Credit: Canva

Polkadot’s price is at $32.97 — down by 5.03 percent

It has fared better than its counterparts, Solana and Cardano, being the only one to still be in the green as compared to last week

Dogecoin is down by 4.03%

The tenth biggest cryptocurrency by market value is currently priced at $0.224

Disclaimer

These are top cryptocurrencies by volume according to CoinMarketCap | Prices updated as of October 12, 9.00 am IST and may change over the course of the day Credit: Canva

Altcoins are catching up to Bitcoin’s rally