According to trade rates on major crypto exchanges like Coinbase, bitcoin prices fell below $60,000 (approximately Rs. 45 lakh) for the first time in weeks on Thursday, but have since rallied back to former levels. On Indian platform CoinSwitch Kuber, the world’s most popular cryptocurrency started Friday’s trade at Rs. 48,72,328 (approximately $64,949), up 3% in the previous 24 hours. On Wednesday, Bitcoin fell to an all-time low as investor interest in Bitcoin Futures-linked exchange-traded funds (ETFs) began to wane.
Following the launch of ProShares’ ETF in the United States, the crypto-asset reached an all-time high of $66,930 (approximately Rs. 50,20,921) on October 20.
The Bitcoin price drop in the middle of the week was not isolated; altcoins also saw price drops. However, according to Gadgets 360’s cryptocurrency price tracker, Ether, the second most valued cryptocurrency, is back in the black and has reached a new all-time high of $4,400. (roughly Rs. 3,30,077). The Ethereum-based cryptocurrency is now trading at Rs. 3,45,514 (about $4,606), up 7.55 percent in the last 24 hours.
While Shiba Inu enthusiasts have had a nice week, Thursday wasn’t the best of days, as the meme currency dropped nearly 11% to Rs. 0.004775 (approximately $0.00006). Shiba Inu’s (SHIB) demise is Dogecoin’s gain, as the original Shiba-themed cryptocurrency soared by 29 percent to Rs. 23.60 (approximately $0.31) on Thursday. Although it’s still a long way from its all-time high in May, dog-themed coin investors are clearly having a lot of fun watching the meme coin fight.
Cardano, Ripple, Polkadot, and Uniswap all gained more than 3% in the last 24 hours, kicking out the week on a positive note.
While Bitcoin is expected to conclude October with a value increase of more than 40%, widespread adoption of cryptocurrency by institutions is also fueling the rise of altcoins. Whales, on the other hand, continue to wield the most power in the market across all prominent cryptocurrencies.
El Salvador, which became the first country in the world to legalize Bitcoin as a form of payment in September, continues to add to its cryptocurrency holdings. Salvadorian President Nayib Bukele announced on Twitter that the nation has acquired a new batch of 420 Bitcoins earlier this week.
While a country’s treasury cannot be classified as a ‘whale,’ it does undermine crypto’s decentralized character.
This event occurs at the same time that another Bitcoin whale, the world’s third-largest, recently completed a massive purchase, acquiring over $37 million (approximately Rs. 278 crores) in Bitcoin.