Both Bitcoin and Ethereum have gained new landmarks by toughing new heights of $68,564 and $4,825 respectively.
Bitcoin on Tuesday, November 9, opened trading at an all-time high of $68,564 (roughly Rs. 50.5 lakh). In India, Bitcoin is worth even more, trading at $72,915 (roughly Rs. 53.9 lakh) per token after the world’s oldest cryptocurrency gained 3.37 percent in value to reach its historic high.
Earlier, in October, the cryptocurrency had crossed the milestone of $67,000 (roughly Rs. 49.5 lakh) just when the first Bitcoin Exchange Trade Fund (ETF) debuted at the New York Stock Exchange. This is not the only good news for the day for crypto investors though.
Reason for Bitcoin and Ethereum price rise.
The reason for Bitcoin and Ethereum price rise wasn’t clear. Cryptocurrencies are known for their volatile price swings, with moves of up to 20% higher or lower relatively common.
We believe that a $70,000 price for bitcoin now “seems imminent.” due to rapid growth in its price
“Importantly, the uptick doesn’t seem to be leverage-driven but rather results from the increased demand on the spot market where there’s currently very little sell-side liquidity,” Morch said in an emailed note Monday.
Following the Bitcoin, Ether also rose in value to reach an all-time high of $4,811 (roughly Rs. 3.5 lakh). Ether is trading at $5,179 (roughly Rs. 3.83 lakh) in India. The world’s second most-valued crypto coin gained 1.82 percent in the last 24 hours, breaching the $4,700 (roughly Rs. 3.47 lakh)-mark for the first time in history.
Ether is the cryptocurrency of the Ethereum blockchain. In the crypto market, the terms ether and ethereum are often interchangeable when referring to the currency.
The momentum in the cryptocurrency market is highly bullish at the moment. Over the past 24 hours, we saw the total market cap surpass the massive $3 trillion mark. The coming 24 hours could witness some amount of profit booking as the momentum settles after the new all-time highs breached.
Keeping up with the market momentum, several other popular altcoins including Cardano, Ripple, Uniswap, and Litecoin also sae a rise in values.
Effect of Bitcoin and Ethereum price rise on other altcoins.
After having battled a rough few days of price dips, rival meme-based dog coins Dogecoin and Shiba Inu also witnessed value hikes of 3.37 percent and 3.39 percent respectively in the last 24 hours.
Tether, Polkadot, USD Coin, and Polygon are among the few cryptocurrencies that failed to reap the benefits of the positive market sentiment.
Industry experts meanwhile, remain hopeful for the rest of the week to be profitable for crypto-investors under the glowing market situation.
At a time the overall valuation of the crypto market has reached $3.007 trillion, an increasing number of companies are adopting a pro-crypto approach.