After a busy week, Bitcoin entered Monday, November 1st, with a 2.16 percent drop in value. The world’s most valuable cryptocurrency is currently trading at $ 64,400 (approximately Rs. 48.2 lakh) on Indian exchanges. Despite the small decline, Bitcoin investors need to breathe a sigh of relief that the cryptocurrency was able to hold its value above the $ 60,000 mark (about 45 lakh) after a turbulent week. Last week, Bitcoin had seen successive price drops for a short period of time, which ultimately had an impact on the values of altcoins as well.
Ether, the second highest cryptocurrency in the world, also started the month with a price loss of 3.51 percent. Currently, Ether is trading at $ 4,499 (roughly 3.3 lakh) per token, according to cryptocurrency price tracker Gadgets 360. Despite the further decline, Ether has managed to stay in its all-time high price range of $ 4,400 (around Rs. 3.3 lakh) to $ 4,606 (around Rs. 3.4 lakh), which the cryptocurrency hit last week.
The values of other altcoins have also fallen at the beginning of this new month and this week.
Cardano, Ripple, Uniswap, Litecoin and Polygon joined the long list of cryptocurrencies to open the week with meticulously varying losses of around one to three percent.
On the other hand, Doge-based meme coins, both Shiba Inu and the Dogecoin, continued to make gains. The past week has proven to be very cheap for these rival cryptocurrencies. While the Dogecoin hit a daily high of 29.13 percent last week, the Shiba Inu grew 46 percent on October 27th.
Tether, Polkadot, USD Coin, and Monero are among other cryptocurrencies that are experiencing spikes in value.
The course of the week should be interesting for both crypto-coins and investors, as the festival season begins worldwide.
Meanwhile, the mood in the crypto space is becoming more and more accepted in several parts of the world.
For example, the Australian Securities and Investments Commission (ASIC) introduced a new section on crypto assets in their license applications last week. The country, which still lacks solid cryptocurrency regulation work, has started testing best practices for monitoring and holding crypto assets while preparing to deal with risk.
In the past few days, several business people and investors have been giving their support to the crypto space and predicting a bright future for these virtual currencies.
Apple co-founder Steve Wozniak recently said that crypto is “very promising”.
Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended or constituted as financial advice, commercial advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on perceived recommendations, Forecasts or other information contained in the article.