Crypto market update: BTC rises to $49,000

The biggest crypto riser of the day is due to a tweet from Elon Musk

A graphic with bitcoins set against a trading chart background                                 
A graphic with bitcoins set against a trading chart background – Photo: Shutterstock
                                

The price of bitcoin (BTC) ended yesterday at $49,251 after rising 2.10% on the day, according to Currency.com. The lead cryptocurrency price now is $49,539.

The volume of BTC has increased by 26.99% over the past 24 hours. Seven out of the top ten cryptos are up today on CoinMarketCap, with BTC up by 3.66%.

Ethereum (ETH) is up by 0.66% to $3,385, Binance Coin (BNB) is up by 2.43% to $431 and Cardano (ADA) is up by 0.80% to $2.21.

Ripple (XRP) is up by 1.39% to $1.05 and Dogecoin (DOGE) by 9.48% to $0.23.

The two stablecoins are both down, with Tether (USDT) down by 0.05% to $0.99, dropping below the $1 mark. USD Coin (USDC) is also down by 0.02% to $0.99.

Puppy love

The biggest riser of the day is Shiba Inu (SHIB) by 53.90% to $0.000013. According to CoinMarketCap, SHIB is “the ‘DOGECOIN KILLER’ and will be listed on their own ShibaSwap, a decentralised exchange.”

The crypto gains have been widely attributed to Elon Musk, CEO of Tesla, tweeting out a picture of his new puppy sitting in a Tesla. The dog, called Floki, is a Shiba Inu.  

The second-biggest riser of the day is Klaytn (KLAY), which has risen by 15.98% to $1.39. KLAY, as CoinMarketCap describes it, “was launched in June 2019 and is a public blockchain platform providing an accessible user experience and development environment in order to convey the value of blockchain technology”.

The third-biggest riser of the day is Internet Computer (ICP) by 14.89% to $55.73. CoinMarketCap states that ICP is “the world’s first blockchain that runs at web speed with unbounded capacity”.

Fallers of the day

dYdX (DYDX) is the biggest faller of the day, dropping by 7.95% to $23.91. dYdX is described by CoinMarketCap as “a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol”.

The second-biggest faller of the day is OMG Network (OMG), which has dropped by 7.01% to $16.43. OMG is “a non-custodial, layer-2 scaling solution built for the Ethereum blockchain”, according to CoinMarketCap.

The third-biggest faller of the day is Axie Infinity (AXS), dropping by 6.12% to $139. According to CoinMarketCap, AXS “is a blockchain-based trading and battling game that is partially owned and operated by its players”, inspired by games like Pokémon.

All prices were correct as of mid-morning today (Tuesday 5 October).

Bitcoin to US Dollar
Daily change
62981.3
Low: 60833.9
High: 63063.2

Further reading: Crypto market update: BTC falls back to $47,000

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