Cryptocurrency update: Bitcoin holds strong support, altcoins see losses

On Wednesday, Bitcoin was trading at $27,041, experiencing a 1.95% decline throughout October 11, which brought it to its current price point.

In the past 24 hours, the value of Bitcoin dropped by $530. Notably, the ongoing Israel-Gaza conflict has introduced increased volatility to the cryptocurrency market, affecting most other cryptocurrencies as they also slipped into negative territory.

Ethereum (ETH) witnessed a 2.09% loss on Wednesday, with its value falling to $1,554, and over the last day, ETH's price declined by $29.

The ETH/BTC pair, often seen as an indicator for altcoins, reached an 11-month low, reflecting the broader market's challenges. Ethereum has struggled to break through the $1,750 resistance level, and market analysts are now forecasting a potential drop below $1,200 in the coming months.

A range of other cryptocurrencies, including Tether, Binance Coin, Ripple, USD Coin, Solana, Cardano, and Dogecoin, experienced losses alongside Bitcoin and Ethereum. Tron, Polygon, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash also registered price declines.

The total cryptocurrency market cap, currently standing at $1.05 trillion, saw a 1.69% decrease in the past 24 hours, as reported by CoinMarketCap.

However, amidst this downward trend, a select few cryptocurrencies managed to achieve gains today, with notable developments in Leo and Binance USD.

On a positive note, the CoinDCX research team reported a significant 1,212% growth in Bitcoin's layer-2 Lightning Network usage over two years. This expansion in Lightning Network usage is expected to enhance Bitcoin's utility as a medium of exchange, enabling faster and more cost-effective transactions.