It's Raining All-Time Highs for Bitcoin, Ether; Many Others Benefit

Bitcoin on Tuesday, November 9, opened trading at an all-time high of $68,327.99 (roughly Rs. 50.5 lakh), as per global crypto price tracker CoinMarketCap. In India, Bitcoin is worth even more, trading at $72,915 (roughly Rs. 53.9 lakh) per token on CoinSwitch Kuber, after the world’s oldest cryptocurrency gained 3.37 percent in value to reach its historic high. Earlier, in October, the cryptocurrency had crossed the milestone of $67,000 (roughly Rs. 49.5 lakh) just when the first Bitcoin Exchange Trade Fund (ETF) debuted at the New York Stock Exchange. This is not the only good news for the day for crypto investors though.

Following the Bitcoin, Ether also rose in value to reach an all-time high of $4,811 (roughly Rs. 3.5 lakh), as per the data on CoinMarketCap. Ether is trading at $5,179 (roughly Rs. 3.83 lakh) in India, as per Gadget 360’s crypto price tracker. The world’s second most-valued crypto coin gained 1.82 percent in the last 24 hours, breaching the $4,700 (roughly Rs. 3.47 lakh)-mark for the first time in history.

“The momentum in the crypto currency market is highly bullish at the moment. Over the past 24 hours, we saw the total market cap surpass the massive $3 trillion (roughly Rs. 2,21,64,000 crore)-mark. The coming 24 hours could witness some amount of profit booking as the momentum settles after the new all-time highs breached,” Edul Patel, CEO and Co-founder of cryptocurrency investment platform Mudrex told Gadgets 360.

Keeping up with the market momentum, several other popular altcoins including Cardano, Ripple, Uniswap, and Litecoin also sae a rise in values.

After having battled a rough few days of price dips, rival meme-based dog coins Dogecoin and Shiba Inu also witnessed value hikes of 3.37 percent and 3.39 percent respectively in the last 24 hours.

Tether, Polkadot, USD Coin, and Polygon are among the few cryptocurrencies that failed to reap the benefits of the positive market sentiment.

Industry experts meanwhile, remain hopeful for the rest of the week to be profitable for crypto-investors under the glowing market situation.

At a time the over-all valuation of the crypto market has reached $3.007 trillion (roughly Rs. 2,22,79,296 crore) as per CoinGecko, increasing number of companies are adopting a pro-crypto approach.

US-based company Patreon, for instance, is evaluating ways to allow patrons to reward their favourite content creators using crypto-based “creator coins”.

After Meta, formerly Facebook and Twitter took measures supporting the metaverse and the non-fungible token (NFT) space, Reddit is also likely to begin turning its “Karma Points” into Ethereum-based ERC-20 crypto tokens.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.