Majority Crypto-Coins Including Bitcoin, Ether Begin November with Dips

Following an eventful week, Bitcoin stepped into Monday, November 1, with a 2.16 percent drop in its value. The world’s most-valued cryptocurrency is currently trading at $64,400 (roughly Rs. 48.2 lakh) on Indian exchanges. Despite the marginal dip, Bitcoin investors must be heaving a sigh of relief that the cryptocurrency has been able to maintain its value above the $60,000 (roughly Rs. 45 lakh) mark after a turbulent week. For a brief period last week, Bitcoin had registered consecutive price dips that had ended up affecting the values of altcoins as well.

Ether, the world’s second most-valued cryptocurrency has also begun the month with a price loss of 3.51 percent. Currently, Ether is trading at $4,499 (roughly 3.3 lakh) per token, according to the Gadgets 360 cryptocurrency price tracker. Despite the fresh dip, Ether has managed stay around its all-time high price range of $4,400 (roughly Rs. 3.3 lakh) to $4,606 (roughly Rs. 3.4 lakh) which was attained by the cryptocurrency last week.

The values of other altcoins have also seen dips at the beginning of this new month and week.

Cardano, Ripple, Uniswap, Litecoin, and Polygon joined the long list of cryptocurrencies to open the week with minutely varying losses of around one to three percent.

On the other hand, doge-based meme coins, both Shiba Inu and the Dogecoin continued to register gains. The last week turned out to be quite in favour for these rival cryptocurrencies. While the Dogecoin touched a daily high of 29.13 percent last week, the Shiba Inu grew by 46 percent on October 27.

Tether, Polkadot, USD Coin, and Monero are among other cryptocurrencies to witness spikes in values.

The unfolding of the week is likely to be interesting for both, crypto-coins as well as the investors as the season of festivals kick off around the world.

Meanwhile, the sentiment around the crypto-space is getting more accepting in several parts of the world.

Australia’s Securities and Investments Commision (ASIC) for instance, introduced a new crypto-asset section in its licensing applications last week. The country, that does not have a solid regulatory work around cryptocurrencies as yet, has begun to test best practices for monitoring and holding crypto-assets while preparing to deal with risks.

In recent days, several businesspersons and capital investors have backed the crypto-space, predicting a glowing future for these virtual currencies.

Apple co-founder Steve Wozniak recently said that crypto has “an awful lot of promise.”

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.