Cryptocurrency Prices Today, Oct 17: Bitcoin Dips Below $110K, Altcoins Under Selling Pressure

The cryptocurrency market on Friday is trading on a weak note, with most top coins moving lower due to cautious investor sentiment. Bitcoin price this morning fell 2.03% to $109,116.02.

"Bitcoin continues to trade in a narrow range as it tries to build momentum for the next move. Renewed institutional inflows, dollar weakness, and the Fed's hint at another rate cut have created a favourable setup for a potential breakout. Bitcoin and Ethereum ETFs saw combined inflows of $338 million, signalling strong market confidence. For now, BTC must hold above $111,000 to maintain its structure. Any move above the resistance of $116,400 could push BTC towards new highs, while the support stands at $109,700." as per Edul Patel, CEO of Mudrex.

Ethereum and Binance Coin Slip

The Ethereum price also saw a decline of 2.11%, trading at $3,932.03. Binance Coin price dropped 2.97% to $1,149.29. Even established altcoins like these are experiencing downward pressure.

Altcoins Struggle

Other popular altcoins followed the negative trend. XRP, or Ripple coin, price fell 2.51% to $2.36, Solana (SOL) declined 3.42% to $187.08, while Dogecoin (DOGE) dropped 3.33% to $0.1899. Cardano (ADA) lost 2.90%, trading at $0.6510. The sharper decline was seen in smaller-cap cryptocurrencies due to the higher volatility and risk associated with altcoin investments.

Stablecoins Performance

In contrast, major stablecoins showed minimal movement. Tether (USDT) and USDC remained around $1, maintaining their value in a falling market.

Market Outlook Ahead

Overall, the crypto market is exhibiting bearish sentiment, with most top coins down over the past 24 hours.

"Bitcoin slipped below the pivotal support at $110,000, dragging the markets lower and sentiments into fear. The crypto market cap has plunged below $3.8 trillion, while the volume has recovered slightly. Popular cryptos like Ethereum, BNB, and XRP plunged below their respective support at $4000, $1200, and $2.5. Meanwhile, Solana trades below $190, Dogecoin below $0.19, and Cardano around $0.65. The top gainers for the day include DeXe with over a 6% jump and MYX Finance by over 1.84%. On the other hand, Pump.fun drops by over 10%, Morpho by 9.61%, and Story by 8.55%." as per CoinDCX.

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