Bitcoin on Thursday, November 9 clocked a profit of 2.84 percent. With this, the value of Bitcoin has reached the mark of $36,318 (roughly Rs. 30.2 lakh), making it the highest price that the asset has managed to record this year so far. Co-incidentally, it was on November 9, 2021, when Bitcoin and Ether set their last known all-time highs (ATHs) of $68,000 (roughly Rs. 56 lakh) and $4,890 (roughly Rs. 4 lakh) respectively. While BTC and ETH are far away from their last attained ATHs, they are trading at elevated prices compared to their pricings from earlier this year.
Ether grew by 1.83 percent in the last 24 hours. The value of Ether currently stands on the mark of $1,916 (roughly Rs. 1.59 lakh).
“Investors should exercise caution as the market starts to become euphoric. The market can expect to see a correction phase,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets360.
Cardano, Dogecoin, Chainlink, and Polygon emerged among profit-making cryptocurrencies alongside BTC and ETH.
Notable gains also graced Binance Coin, Polkadot, Litecoin, Shiba Inu, Avalanche, Stellar, and Cosmos among other cryptocurrencies.
As per Hudda, “Popular and old DeFi projects like AAVE (+10.2 percent), Synthetix (+8.6 percent), and Chainlink (+9.1 percent) have started to show strength in the backdrop of Bitcoin reaching new highs for the first time in last 18 months.”
The overall crypto market cap spiked by 3.97 percent in the last 24 hours. With this, the valuation of the crypto sector stands at $1.37 trillion (roughly Rs. 1,14,05,455 crore), showed CoinMarketCap on Thursday.
Meanwhile, small losses struck Tether, Monero, and Status that are trading in the reds on the crypto chart today.
“Along with Bitcoin and Ether, altcoins like SOL, TON, and MATIC made impressive contributions to the current market rally as the world's largest altcoin, ETH, jumped by over 15 percent in November. The digital asset industry is ready for the next phase of responsible growth as the FTX trial has come to a close. The positive market sentiment is pointing towards healthy and sustainable growth in the coming weeks subject to macro-economic conditions,” Shivam Thakral, CEO of BuyUcoin, India's second-longest-running digital asset exchange told Gadgets360.
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.
