Bitcoin Price Today: Popular Cryptocurrency Just 2% Away From All-Time High; Ethereum Rises Too

Altcoins, including Ethereum, Solana, Litecoin, Cardano also witnessed an upward movement. Ethereum was up 0.30 per cent to consolidate at $2,564.52.

Bitcoin price today, October 26: Popular cryptocurrency just 2% away from all-time high; Ethereum rises too

The price of Bitcoin dropped on Wednesday, pulling away further from the all-time high that had been set earlier this week.

The world’s leading cryptocurrency was trading down around 1.5 per cent over the past 24 hours at $103,440.8 in the early hours of Wednesday, according to Var מודעהrence data. It had risen as high as $106,018 on Tuesday, marking its highest level since March 2023.

However, BTC futures open interest rose by 10.65 per cent from last week to $74.35B, led by Binance with $12.28B, signaling growing leverage in the market.

Institional demand also played a role, with U.S. spot BTC ETFs recording net inflows of $41.7M yesterday, marking their fifth consecutive day of inflows, said Coinswitch team desk.

"The crypto market remains in a consolidation phase, with Bitcoin repeatedly testing the $106,000 level but facing resistance, while Ethereum struggles to sustain above $2,700," Himanshu Maradiya, Founder and Chairman, CIFDAQ argued.

Despite a small drop in the volume, the markets have surged, which indicates a drop in the bearish interference, according to CoinDCX research team.

"Texas has just passed the Texas Strategic Bitcoin Reserve and Investment Act, allowing the state to invest in Bitcoin, which now awaits the governor’s approval," stated CoinDCX research team.

The current market capitalization of Bitcoin stands at $2.12 trillion, with volume of $50.38 billion.

Altcoins, including Ethereum, Solana, Litecoin, Cardano also witnessed an upward movement.

Ethereum was up 0.30 per cent to consolidate at $2,564.52, XRP also gained to trade at $2.37.

"Big moves could be on the horizon, as some rumors suggest Coinbase could acquire USDC issuer Circle, despite IPO plans.