Over a week after hitting an all-time high of $67,000 (approximately Rs. 50 lakh), the world’s most valuable cryptocurrency has remained over $60,000. (roughly Rs. 45 lakh). Bitcoin began trading at $64,960 on Tuesday, October 26th, with a small rise of 0.59 percent (roughly Rs. 48.7 lakh). The New York Stock Exchange issued the first Bitcoin futures exchange-traded fund (ETF) on October 19, following which Bitcoin prices have risen. Several speculators are promoting cryptocurrency as a modern-day gold substitute.
Ether, the world’s second most valuable cryptocurrency, has similarly seen a gradual but consistent increase in value. According to sources, Ether was trading at $4,382 (approximately Rs. 32,8821) at the time of writing. So far, Ether has had a solid week, as it began the week with a one percent increase on Monday, October 26.
Overall, the green color dominates the crypto price tracking graphic, as the bulk of cryptocurrencies saw gains on Tuesday. Alternative cryptocurrencies to Bitcoin are known as altcoins.
Cardano, Ripple, Polkadot, Shiba Inu, and Uniswap, among other cryptocurrencies, saw their trading prices rise as the day progressed.
Only a few cryptocurrencies, such as Tether, Dogecoin, and USD Coin, saw minor price drops.
Meanwhile, various pro-crypto initiatives throughout the world have helped to improve the atmosphere around these unregulated virtual currencies.
MasterCard, for example, has extended its crypto services and collaborated with digital wallet company Bakkt.
In addition, on October 25, Nigeria established “eNaira,” the African continent’s first digital currency.
Paul Tudor Jones, a billionaire investor, and philanthropist have stated that Bitcoin is now “winning the race against gold.” Chamath Palihapitiya, a venture capitalist, has echoed the same pro-crypto view, believing that Bitcoin is a modern-day gold alternative