Cryptocurrency: Majority follows Bitcoin, Ether on gain trail; Dog coins suffer losses

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Bitcoin, the world’s oldest cryptocurrency, started up 3.24 percent on Wednesday. The cryptocurrency is currently trading on the Indian exchange CoinSwitch Kuber at USD 67,194.43 (approximately 50 lakh). The development comes after Bitcoin marked a weak start to the week with slight price declines and a gradual rebound. The world’s most valuable cryptocurrency entered November with a notable drop in price of over two percent – almost threatening Bitcoin’s recent sustained streak of holding over $ 60,000 (about 45 lakh) in value.

With a price increase of 5.04 percent, Ether started trading at $ 4,853.73 (roughly Rs 3.6 lakh) per token, according to the cryptocurrency price tracker Gadgets 360. This is a significant rebound for Ether considering it started the month of November with a trade value of $ 4,499 (about Rs.3.3 lakh) per token.

Among the cryptocurrencies that have appreciated today, Ripple has grown significantly by 8.08 percent. Cardano, Polkadot, Uniswap, and Litecoin are some of the other altcoins that helped make the price charts greener.

However, the day has turned out to be a tough day for meme-based dog coins.

Amid a fierce ongoing market war, both Elon Musk-backed Dogecoin and its rival Shiba Inu marked the day with losses of 0.08 percent and 6.62 percent, respectively. For Shiba Inu, that depreciation comes after the price recently rose 50 percent and continued to rise until a day ago.

Other dog-based altcoins like Floki Inu, Kishu Inu, and Nano Dogecoin have also seen losses.

Meanwhile, the adoption of cryptocurrencies is gaining momentum in several parts of the world.

Fast food giant Burger King recently partnered with investment platform Robinhood to give U.S. citizens the chance to win crypto rewards in Dogecoin, Ether, and Bitcoin.

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 a 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.

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