Bitcoin Opens With Gains, Dog-Coin Values Nosedive

Bitcoin, the oldest cryptocurrency in the world, has begun Wednesday with a gain of 3.24 percent. The cryptocurrency is presently trading at $67,194.43 (roughly Rs. 50 lakh) on Indian exchange CoinSwitch Kuber. The development comes after Bitcoin marked a weak start to the week with minor price dips and gradual recovery. The most-valued cryptocurrency in the world stepped into November with a noteworthy price drop of over two percent — which almost threatened Bitcoin’s recent ongoing streak of maintaining a value of over $60,000 (roughly Rs. 45 lakh) mark.

With a price hike of 5.04 percent, Ether kickstarted trading at $4,853.73 (roughly Rs. 3.6 lakh) per token, as per the Gadgets 360 cryptocurrency price tracker. This is a substantial recovery for Ether, considering that it started the month of November at the trading value of $4,499 (roughly Rs. 3.3 lakh) per token.

Among cryptocurrencies that gained values today, Ripple has grown significantly by 8.08 percent. Cardano, Polkadot, Uniswap, and Litecoin are some of the other altcoins to have contributed in turning the price charts greener.

The day, however, has turned out to be a tough one for meme-based dog-coins.

Amid a steamy ongoing market war, both Elon Musk-backed Dogecoin and its rival Shiba Inu marked the day with losing price values by 0.08 percent and 6.62 percent respectively. For Shiba Inu, this value dip comes after it recently grew its price by 50 percent and continued showing a growth up till a day ago.

Other dog-based altcoins such as Floki Inu, Kishu Inu, and Nano Dogecoin have also registered losses.

Meanwhile, cryptocurrency adoption is gaining momentum in several parts of the world.

Fast food giant Burger King has recently entered into a partnership with investment platform Robinhood to help US residents a chance to win crypto-rewards in Dogecoin, Ether, and Bitcoin.

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.