More than a week after Bitcoin hit an all-time high of $ 67,000 (roughly Rs. 50 lakh), the world's most highly valued cryptocurrency continues above $ 60,000 (roughly Rs. 45 lakh). On Tuesday October 26, Bitcoin opened with a marginal gain of 0.59 percent and started trading at $ 64,960 (roughly Rs. 48.7 lakh). On October 19, the New York Stock Exchange obtained the first exchange-traded fund (ETF) of Bitcoin futures, after which Bitcoin prices have been recovering. Several investors are also presenting the cryptocurrency as a modern equivalent to gold.
Ether, which is the second most valued cryptocurrency in the world, has also witnessed a subtle but steady rise in terms of value. At the time of writing, Ether It was trading at $ 4,382 (roughly Rs. 32.8821), according to Gadgets 360's cryptocurrency price tracker. So far, the current week has been a good one for Ether, as it also opened with a one percent gain on Monday, October 26.
Overall, the cryptocurrency price tracker chart appears to be dominated by the color green, as most altcoins saw growth on Tuesday. Altcoins are crypto currencies other than Bitcoin.
Cardano, Wave, Moles, Shiba Inu, and Uniswap among other cryptocurrencies open during the day with peaks in their trading values.
On the other hand, only a few crypto currencies, including Tie, Dogecoin, and Currency USD witnessed marginal falls.
Meanwhile, various moves in favor of crypto have heated the climate around these unregulated virtual currencies around the world.
For example, MasterCard expanded its crypto services and partnered with digital wallet platform Bakkt earlier this week.
In addition, Nigeria launched โeNairaโ, the first digital currency on the African continent as of October 25.
Nigeria is about to introduce its central bank digital currency known as eNaira. pic.twitter.com/nB1mp19DRg
- Faustine Ndugulile (@DocFaustine) October 25, 2021
Billionaire investor and philanthropist Paul Tudor Jones also recently said that Bitcoin he is currently "winning the race against gold." The same pro-crypto sentiment was recently expressed by venture capitalist Chamath Palihapitiya, who believes that Bitcoin is a modern replacement for gold.
Cryptocurrency is an unregulated digital currency, it is not a legal tender and is subject to market risks. The information provided in the article is not intended to be or constitutes financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
