The crypto market has experienced significant volatility since November 5, following the election of Donald Trump as the 47th President of the US. Bitcoin has surged to a new all-time high, trading above $81,000 (roughly Rs. 68.3 lakh) over the weekend. At the time of writing, Bitcoin is priced at $81,500 (roughly Rs. 68.7 lakh) on global exchanges, according to data from CoinMarketCap. Over the past 24 hours, Bitcoin's value has climbed by approximately three percent, reaching this significant price milestone. On Indian exchanges, BTC is currently trading at $81,709 (roughly Rs. 68.9 lakh) as of Monday, November 11.
“Bitcoin surged to an all-time high of over $81,000 (roughly Rs. 68.3 lakh) driven by Donald Trump's victory in the US and the election of pro-crypto candidates to Congress. This political change has raised hopes for a more favorable regulatory landscape and fewer limitations on cryptocurrency markets,” Shivam Thakral, CEO of BuyUcoin told Gadgets360 explaining the Trump-Bitcoin connection. “It is anticipated that this newly supportive legislative landscape could stimulate innovation and adoption within the industry. Investors are hopeful about the possibility of long-term growth and stability in the cryptocurrency space as confidence rises.”
Ether underwent a minor dip of under one percent on Monday on both national and international exchanges. At the time of writing, ETH was trading at $3,170 (roughly Rs. 2.67 lakh) on global exchanges whereas in India, the asset is priced $3,306 (roughly Rs. 2.79 lakh), showed the crypto price tracker by Gadgets360. It is noteworthy that Ether has exceeded the mark of $3,000 (roughly Rs. 2.53 lakh) for the first time this year.
“Ethereum has also rallied amid positive sentiment following Bitcoin's latest peak. This upward momentum may fuel price action across broader markets,” said Mudrex CEO Edul Patel.
Dogecoin, USD Coin, Ripple, Cardano, Tron, and Shiba Inu saw profits.
Polkadot, Near Protocol, Cronos, Stellar, Bitcoin SV, and Polygon also registered price surges tailing behind BTC on the crypto chart.
The overall crypto market grew by 1.42 percent in the last 24 hours, as per CoinMarketCap. Presently, the crypto market cap has come to the mark of $2.73 trillion (roughly Rs. 2,30,37,294 crore), showed CoinMarketCap.
Tether, Solana, Binance Coin, Avalanche, Litecoin, and Leo reflected losses on the price charts.
Monero, Iota, and Binance USD are also trading sideways amid the volatility.
“The $100,000 (roughly Rs. 84.3 lakh) mark is indeed the next major psychological milestone for Bitcoin and reaching it could be fueled by further institutional inflows, ETF expansion, and supportive regulatory shifts. This momentum, combined with Bitcoin's unique fundamentals of scarcity, decentralisation, and institutional acceptance, makes it a compelling asset in diversified portfolios,” said Sumit Gupta, co-founder of CoinDCX while suggesting investors to take researched decisions before engaging with the volatile market at the time.
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.
