Ether Continues to Gain 4b485x Bitcoin and Many Other Cryptocurrencies Dips

Some industry experts believe this kind of market fluctuation is not concern-worthy but is rather necessary and healthy. 312em

By Radhika Parashar | Updated: 11 November 2021 11:33 IST

Ether Continues to Gain, Bitcoin and Many Other Cryptocurrencies Dips

The total market valuation of cryptocurrencies is now over $3 trillion (roughly Rs. 2,22,79,296 crore) 4b721

Highlights

Internationally, Bitcoin is trading at $64,542 (roughly Rs. 48,05,855)
Ether, Tether, and USD Coin among few altcoins to witness gains
Most of the popular altcoins losses

ment

After consecutive days of gains, Bitcoin opened Thursday, November 11 with a marginal dip of 2.4 percent, but has managed to maintain the value close to its recent all-time high. Internationally, the oldest cryptocurrency is trading at $64,542 (roughly Rs. 48,05,855), as per price tracker CoinMarketCap. Bitcoin price in India is higher with the crypto coin trading at $71,066 (roughly Rs. 52,91,595) per token. The tumble of the Bitcoin value coloured the price chart red for many altcoins, barring Ether.

With a price gain of 0.90 percent, crypto price tracker. The development comes just days after the world's second most-valued cryptocurrency ed a new all-time high of $4,840 (roughly Rs. 3.6 lakh) on November 9.

Dogecoin among many others.

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“US inflation hit 6.2 percent in October, the highest in over 30 years. Store of value assets like Bitcoin have surged in response, with prices hitting a new record high of $68,950 (roughly Rs. 51.3 lakh) over the past hours. While this was quickly followed by an eight percent correction leaving over $700 million (roughly Rs. 5216 crore) in positions liquidated, we think this market movement is of no major cause for concern,” the research team of crypto exchange CoinDCX told Gadgets 360.

Only a few Chainlink.

After recent days of the price charts majorly reflecting the green colour, industry experts believe this kind of a market re-jiggle is only healthy.

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“Given that the crypto market has been rather heated over the past weeks, this corrective movement is not only healthy but necessary to set the asset class up for the next leg of bull run,” the CoinDCX team added.

Meanwhile, the crypto adoption movement seems to be pacing towards a bright and shiny future.

“Miami Coin” earlier this year.

City tokens are programmable crypto tokens that serve to become an additional revenue stream for local governments through residents' mining of the tokens.

We're glad to welcome you to the global home of Web3! We're counting on tech and innovation to help drive our city forward. https://t.co/SY9pv1Ebct
— Eric Adams (@ericadamsfornyc) November 8, 2021

Mastercard has also partnered crypto finance and exchange firms in Thailand, Hong Kong, and Australia to introduce cryptocurrency-linked credit, debit, and prepaid cards for both individuals and businesses across the Asia Pacific region.

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.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Shiba Inu

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More