Bitcoin Holds Steady at $86,379 as Brent Crude Falls Below $100
Bitcoin's price held steady at $86,379 on Tuesday, but the picture beneath the surface looked less healthy. The daily volume decreased by 36% to $38 billion after Monday's breakout, and the CoinDesk 100 index rose only 0.67% to 1,926.99.
The breadth of the index narrowed sharply, with 38 out of 100 constituents falling on the day, compared to just 13 over the rolling 24 hours. However, some altcoins like Layerzero (ZRO) and The Graph (GRT) gained significant ground, accounting for most of the CoinDesk 100's 2.7% 24-hour gain.
The move in Brent crude oil prices also had an impact on Bitcoin's price, as it fell below $100 for the first time since September 9. This pulled back the energy-driven inflation scare that followed the Federal Reserve's rate rise in mid-September.