Bitcoin on Monday, November 20 reflected a small profit of 1.60 percent. At the time of writing, the value of Bitcoin stood at $37,241 (roughly Rs. 30.9 lakh). Over the weekend, the price point of Bitcoin has risen notably by $900 (roughly Rs. 74,910). During the weekend, Bitcoin underwent some market fluctuations. As per industry experts, this prompted a reflective examination and invited comparisons to its historic 2021 performance when it last achieved its all-time high (ATH) of over $68,000 (roughly Rs. 56 lakh).
Ether saw even bigger gains than Bitcoin on Monday. With a profit of 2.25 percent, the value of ETH presently stands at $1,997 (roughly Rs. 1.66 lakh). This shows that over the course of the weekend, the value of ETH rose by $18 (roughly Rs. 1,498).
“Over the weekend, both BTC and ETH showed strength, each gaining more than 2.5%. This unexpected resilience during the usually quiet weekends might be because of the positive news about Javier Milei, a supporter of Bitcoin, winning the presidential election in Argentina. He sees Bitcoin as a way to return money to the private sector,” the CoinDCX research team told Gadgets360, commenting on the markets situation.
Following the rallies of BTC and ETH, majority cryptocurrencies are trading in the greens.
Binance Coin, Ripple, Solana, Cardano, Dogecoin, Tron, and Chainlink — all recorded gains on Monday.
Other cryptocurrencies to have recorded price hikes today include Avalanche, Polygon, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash.
The valuation of the crypto market spiked by 2.04 percent in the last 24 hours. The total market cap of the sector, at the time of writing, stood at $1.41 trillion (roughly Rs. 1,17,40,788 crore) as per CoinMarketCap.
“Fidelity has become the latest financial firm that is seeking to create an ETH ETF. Joining its rival BlackRock and 5 other companies, the entry of such financial giants in embracing crypto provides positive signals for the sector. On a similar note, the SEC has delayed its decision on Franklin Templeton's and Global X's spot bitcoin ETF applications. The deadline has now been shifted to early 2024, without any significant impact on BTC's price,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Meanwhile, a small number of cryptocurrencies did record losses today. These include Tether, USD Coin, Wrapped Bitcoin, Leo, as well as Cronos.
“The market is expected to ride the ETF wave in the coming weeks owing to the favourable macroeconomic conditions,” Shivam Thakral, CEO of BuyUcoin 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.
