Crypto Price Today: Major cryptocurrencies trade mix; Bitcoin gains 2% amid dollar weakness

economictimes.indiatimes.com:

BNB, XRP, Solana, Cardano, and Dogecoin were up between 1% and 3.70% around 10.15 IST.

Bitcoins's gains over the past seven days have been to the tune of 0.80% while for Solana Dogecoin and Cardano, the uptick has been nearly 4%, 2%, and 5% respectively. The laggards on a seven-day basis include XRP (-4.6%), Ethereum (-1.83%), and Tron (-5%).

Cryptocurrencies have an inverse relationship with the US dollar. The dollar index was trading at 103.61, down 0.30 or 0.29%.

The dollar index (DXY) has tumbled to a two-month low and corrected by 1.9% over the last five sessions, aiding the cause of cryptocurrencies. The weakness has been on account of softer US inflation for the October month which was lower than what the Street was expecting. This has given a fresh impetus to views that were batting for a pause in the interest rate. The lower inflation print may result in the Federal Reserve not doing any further rate hikes.
Expert View

Did you Know?

SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.

«Bitcoin is trading cautiously on the upside at $37,100 and a notable threshold at $38,000. Support levels at $35,835, $35,235 and $34,522 highlight potential stabilization points in the downtrend. Technical indicators present a mixed but slightly bullish scenario with RSI at 51 indicating a balanced sentiment. The 50-day EMA at $36,400 supports a short-term bullish trend. Chart analysis reveals a slight ascending channel, indicating a potential continuation of the bullish