New Delhi: Cryptocurrencies are trading green on November 7. The global market capitalization is $ 2.74 trillion, representing a 1.34% increase over the last day. The total volume of the cryptocurrency market amounted to $ 97.76 billion, which resulted in a decrease of 13.23% in the last 24 hours.
Currently, the total volume in DeFi is $ 11.71 billion, which represents 11.97% of the total volume of the cryptocurrency market in 24 hours. Furthermore, the volume of all stablecoins is currently trading at $ 75.65 billion, which represents 77.38% of the total 24-hour volume of the cryptocurrency market.
Today's Bitcoin is trading above Rs 49 lakh with a dominance of 42.58%, resulting in a 0.8% surge for the day.
This is followed after Christopher Wood, Jefferies Group's global head of equity strategy, cut gold exposure in his Asia ex-Japan portfolio by 5% in favor of Bitcoin. The move crypto is considered to be a better option when hedging against inflation.
Jefferies, for the first time, has reduced exposure to gold and added it to the Bitcoin it already has 5% allocated in December 2020. The additional 5% worth nearly $ 22,000 followed after Wood said in April that it was "extremely bullish" on crypto due to monetary easing and was seen as an "investment for institutions".
Wood told his investors that he will not give up on gold now, but that "it is risky for the old gold bugs to ignore the reality that Bitcoin is a competitor to gold as a store of value."
Regarding Ethereum, Wood stated that it is not a store of value asset, but it may continue to outperform Bitcoin in the coming months.
On the other hand, as more Indians join the non-fungible token (NFT) gold rush, experts and analysts are warning of legal difficulties and uncertainties in the near future.
NFTs have become globally popular as a commodity and celebrities around the world are jumping in to capitalize on the boom. Also, celebrities and Indian sportsmen are rushing to release digital souvenirs through NFT.
