According to global crypto price tracker CoinMarketCap, TBitcoin commenced trading at an all-time high of $68,327.99 (approximately Rs. 50.5 lakh) on Tuesday, November 9. Bitcoin is now worth even more in India, with the world’s oldest cryptocurrency selling at $72,915 (approximately Rs. 53.9 lakh) per token on CoinSwitch Kuber, following the world’s oldest cryptocurrency increase 3.37 percent in value to hit a new high. The cryptocurrency had already breached the $67,000 (approximately Rs. 49.5 lakh) mark in October, just as the first Bitcoin Exchange Trade Fund (ETF) arrived on the New York Stock Exchange. However, this isn’t the only positive news for crypto investors today.
According to CoinMarketCap statistics, Ether surged in value in tandem with Bitcoin, reaching an all-time high of $4,811 (approximately Rs. 3.5 lakh). According to Gadget 360’s crypto price tracker, Ether is currently selling for $5,179 (approximately Rs. 3.83 lakh) in India. In the previous 24 hours, the world’s second most valuable cryptocurrency increased 1.82 percent, breaking beyond the $4,700 (approximately Rs. 3.47 lakh) barrier for the first time in history.
“At the present, the cryptocurrency market’s momentum is strongly optimistic. The overall market capitalization has surpassed $3 trillion (approximately Rs. 2,21,64,000 crore) in the last 24 hours. “As the momentum subsides after the new all-time highs were hit, the following 24 hours might see some profit booking,” Edul Patel, CEO and Co-founder of cryptocurrency investing platform Mudrex, told Gadgets 360.
After a few days of price drops, competing meme-based dog currencies Dogecoin and Shiba Inu both saw price increases of 3.37 percent and 3.39 percent in the previous 24 hours, respectively.
Tether, Polkadot, USD Coin, and Polygon are just a few of the cryptocurrencies that haven’t benefited from the uptick in market mood.
Meanwhile, analysts predict that, given the current market conditions, the rest of the week will be advantageous for crypto-investors.
According to CoinGecko, the whole value of the cryptocurrency market has hit $3.007 trillion (approximately Rs. 2,22,79,296 crore). As a result, a rising number of businesses are taking a pro-crypto stance.
Patreon, a US-based startup, is looking at methods for fans to reward their favorite content producers with crypto-based “creator coins.”
Reddit is set to convert its “Karma Points” into Ethereum-based ERC-20 crypto tokens after Meta, previously Facebook and Twitter, announced steps to support the metaverse and the non-fungible token (NFT) market.