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Ether Price Movement Gets Attention After Elon Musk Tweet, Memecoins Bounce As Bitcoin Continues To Climb

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Bitcoin made all the headlines in the crypto world last week, hitting a new record high, but the week ended with a bearish one. But investor enthusiasm doesn’t seem to be waning. The world’s most popular cryptocurrency traded at Rs. 47,36,579 (approximately $63,236) increased by 1.41 percent over the past 24 hours. At the time of writing, the largest crypto asset by market capitalization is up to Rs. 48,50,015 (about $64,750) on the Indian exchange CoinSwitch Kuber, a 1.38 percent increase from the day’s opening valuation.

Bitcoin’s rally is what investors are now focused on due to the introduction of several bitcoin futures ETFs in the US. With the possibility of Ethereum-based ETFs on the horizon, Gadgets 360’s cryptocurrency price tracker suggests that Ether could soon see a strong rally. Ether is currently trading at Rs. 3,23,628 (approximately $4,320) and 1 per cent higher than its opening week of Rs. 3,14,238 (about $4,195). The second most popular crypto-asset also marked a new all-time high last week, although the feat slipped under the radar as bitcoin stole the limelight. There was a slight decline in the prices towards the end of the week, but investors expect a strong bounce soon.

Memecoins Shiba Inu and Dogecoin again took big gains and the reason for this is probably anyone’s guess. ‘Dogfather’ Elon Musk tweeted a photo of his pup, which drove SHIB to an all-time high early Sunday, but later responded to a tweet saying he owns “nobody,” raising the mood. is spoilt. Meanwhile, Dogecoin is up over 8 per cent, trading at Rs. 21.22 (about $0.28) at the time of publication.

Cardano, Ripple and Litecoin saw prices again in the red.

While bitcoin-linked ETFs are all that people are excited about right now, Ether’s price movements indicate that investor attention is shifting away from bitcoin following the launch of the bitcoin futures ETF in the US. The growth of decentralized finance (DeFi) and the current non-fungible token (NFT) hype are also contributing to the rise of the Ethereum-based cryptocurrency.


Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on 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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