Bitcoin’s price rise during the week has shown no signs of slowing down yet, with the most valuable cryptocurrency in the world rising above the $56,000 mark for the first time in more than five months. The trading value of bitcoin, at the time of writing, stood at Rs. 42,99,566 (about $57,600). While market sentiment has been positive throughout the week, news of billionaire investor George Soros’s firm having bitcoin has added more air to the crypto-coin’s sails.
Gadgets360’s cryptocurrency price tracker suggests a good day for altcoins as well, with Ether prices rising. While the price trajectory of the second most valuable cryptocurrency is not as smooth as that of bitcoin, the coin jumped 3.59 per cent to Rs. 2,77,011 (about $3710). Ether investors have enjoyed a good week in the green so far since the turbulent end of September, with a growth rate of close to 19 percent over the past week.
Meanwhile, Dogecoin lost steam slightly on its opening week, trading 3.43 per cent lower at the rupee. 19.12 (about $0.25). Memecoin started the week with a double-digit gain on Tuesday and an even stronger performance on Wednesday, but with rivals SHIB stealing the spotlight for now, investor enthusiasm has seen a dip. On the flipside, SHIB investors were over the moon with a value of 41.87% on Thursday morning, which has been a great day for Shiba Inu followers.
“The last 24 hours were another wonderful session for the crypto market. Both the largest cryptocurrencies broke several resistance levels. BTC neared the $55,000 mark. There could be a period of consolidation in the coming 24 hours as something happens. may book profits across the spectrum,” Edul Patel, CEO and co-founder of Mudrex, a global crypto investment platform, told Gadgets 360.
Post pressure on digital tokens following China’s sweeping ban on cryptocurrency transactions and El Salvador’s turbulent rollout of crypto-coins as legal tender, bitcoin has seen a strong jump this week, fueled by a surge in institutional investors.
For altcoins, good news is underway with US-based movie theater chain AMC Theaters officially allowing payments in the popular meme-based cryptocurrency, Dogecoin. AMC now allows customers to purchase movie tickets through a number of cryptocurrencies including Bitcoin Cash, Ethereum and Litecoin and now, Dogecoin.
An MP in Tonga has also made news for trying to convince the government to adopt bitcoin as legal tender in the country. Having said that the island nation loses a large share in fees for remittance platforms, a problem that can be eliminated by the introduction of crypto-trading.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.