Following Donald Trump being elected as the 47th US President this week, Bitcoin has surged to new highs. Reaching a second all-time high (ATH), Bitcoin's price climbed to $76,029 (roughly Rs. 64.14 lakh) on global exchanges, according to CoinMarketCap. Over the past 24 hours, BTC's value has risen by more than two percent worldwide. On Indian exchanges like CoinDCX and CoinSwitch, BTC is trading above $76,875 (approximately Rs. 64.8 lakh) as of Friday, November 8.
“Bulls continue to dominate the crypto market owing to the pro crypto expectation from the upcoming regime change in the United States. Late last night the federal reserve of US also announced a rate cut of 25 bps, exactly as the market was expecting with Bitcoin ticking higher post the decision was made,” the CoinSwitch Markets Desk told Gadgets360, explaining the surge.
Ether saw a price hike of 2.47 percent over the last day. On global exchanges, the asset is trading at $2,910 (roughly Rs. 2.45 lakh). In India, meanwhile, ETH's price reached $2,940 (roughly Rs. 2.47 lakh) as per the crypto price tracker by Gadgets 360. Notably, while Bitcoin achieved two new all-time highs this week, Ethereum remains significantly below its record of $4,878 (roughly Rs. 41,145), last reached in November 2021.
“World's second largest crypto by market cap, ETH, too showed some strength as it hit its highest price in more than three months. $3,000 (Roughly Rs. 2.5 lakh) could be a major resistance for Ethereum to cross post which $4,000 (roughly Rs. 3.37 lakh) will be the next target for bulls,” CoinSwitch added.
On Friday, many cryptocurrencies are trading profitably, riding the post-election market momentum. During his campaign, President Trump expressed support for considering Bitcoin as part of the nation's reserve assets and indicated plans to implement policies favorable to the crypto-mining industry.
At the time of writing, Solana, Cardano, Leo, Monero, and Stellar were trading in greens.
The overall crypto market cap rose by 1.35 percent in the last 24 hours. Presently, the crypto market cap stands at 2.15 trillion (roughly Rs. 1,81,39,883 crore), showed CoinMarketCap.
Other altcoins like Binance Coin, USD Coin, Dogecoin, Tron, Shiba Inu, and Avalanche are trading sideways. They are just as prone to rapid losses as they are to sudden spikes.
“While market fluctuations may cause some short-term volatility” Vishal Sacheendran, Head of Regional Markets at Binance has alerted the investors about the shaky market circumstances.
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.
