Bitcoin Crosses $56 236e58 000 to Start the Week as Altcoins Struggle to Gains

After a show of resistance around the $56,000 mark last Friday, Bitcoin has begun the week with a rapid surge. 3838

By Shomik Sen Bhattacharjee | Updated: 11 October 2021 12:56 IST

Bitcoin Crosses $56,000 to Start the Week as Altcoins Struggle to Gains

After some resistance, Bitcoin has surged again 5g5c63

Highlights

Bitcoin has eyes set on all-time high valuation
Ether prices stagnate despite Bitcoin positivity
Dogecoin, Ripple, Cardano see poor start to the week

ment

Bitcoin, after a strong push up to $56,000 last week has begun the week with further gains on Monday. The world's most popular crypto-asset has its sights on a new all-time high. Although a resistance appeared to have been building, with the price holding, this could be crossed again soon after the steady increase in the last few weeks.

[Update: An earlier version of this article incorrectly stated the price of Bitcoin due to a currency conversion error.]

Gadgets360's Ethereum-based coin is yet to witness a bullish rally as Bitcoin has, but values have been in the green mostly, in recent weeks.

Ethereum - What I Hate, Love, and Fear About the Cryptocurrency

Further down in the pecking order of popular crypto-coins, Shiba Inu continues to climb with a 1.92 percent rise, at the time of writing.

"Over the past 24 hours, the crypto markets have experienced steady growth. The largest cryptocurrency by market cap - Bitcoin continuing its massive rally and is eyeing a profitable session in the next 24 hours. Traders should watch the markets closely as the RSI is at 62 and the fear and greed index is at 71," states the CEO and Co-founder of Mudrex, Edul Patel.

Last month, China imposed a blanket ban on trading and mining of crypto-assets, with the country's central bank promising to purge ‘illegal' cryptocurrency activities. The country has now gone on and added cryptocurrency mining to a draft list of industries in which investment (both foreign and local) is restricted or prohibited.

On the flip side, American investment banking giants JP Morgan have written a note to investors stating that Bitcoin could be a better hedge against inflation than gold.

Bitcoin backers have asserted for some time now that cryptocurrency promises better and quicker returns than gold and many people to prefer it as a store of value. That said, there has been a resistance to the switch, given Bitcoins volatility and a lack of a clear growth trajectory.

Interested in cryptocurrency? We discuss all things 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 wherever you get your podcasts.

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.

links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.