Bitcoin and Ether are on the down as the red color dominates cryptocurrency price charts, but the Shiba Inu is on the rise.

Bitcoin, the world’s most valuable cryptocurrency by market capitalization, has been riding high on daily values that have recently surpassed $60,000 (approximately Rs. 45 lakh). On Thursday, September 28, Bitcoin began the day with a 1.05 percent drop. The crypto coin is currently trading at $62,953 in terms of price (roughly Rs. 47 lakh). After a futures-focused Bitcoin exchange-traded fund (ETF) was launched in the New York Stock Exchange last week, Bitcoin’s value reached an all-time high of $66,930 (approximately Rs. 50,20,921) on October 20. Shiba Inu, on the other hand, has seen significant expansion.

Other cryptocurrencies have lost value as a result of the market fluctuation, according to industry analysts, with Bitcoin prices falling by 10.08 percent in the previous week.

“With this new drop, some investors are doubting the trust and reliability of Bitcoin and other digital currencies, throwing doubt on crypto experts’ prediction that Bitcoin would hit $100,000 (approximately Rs. 74.9 lakhs) before the end of the year,” according to research firm CoinDCX. Positive institutional backing and developments in the US, on the other hand, are anticipated to increase interest and overall demand in the crypto market, according to the report.

At the time of writing, the price chart for other prominent cryptocurrencies was tinged with red, signaling losses. Cardano’s value dropped 7.48% in the first hour, while Ripple’s value dropped 7.94%.

Polkadot, Dogecoin, and Uniswap all reported depreciations while sailing in the same “red” boat.

Only a handful of major cryptocurrencies managed to make gains to begin the day. Tether, USD Coin, and Polygon are just a few examples.

The meme-based Shiba Inu is one cryptocurrency that has had a significant upward trend in the previous 24 hours. While a single Shiba Inu token is not particularly valuable, it began today with a tremendous increase of 43.22 percent.

Shiba Inu is currently priced at $0.000075. (roughly Rs. 0.0056). Despite Tesla’s Dogecoin-supporting CEO Elon Musk snubbing the altcoin’s rising momentum, its value has increased.

Meanwhile, the global crypto-momentum is gathering more speed. According to cryptocurrency tracker CoinMarketCap, the market capitalization of all cryptocurrencies combined reached $2.5 trillion (approximately Rs. 1,87,42,625 crore) last week

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