Cryptocurrency Market Movement Rewards Bitcoin, Ether Joins Majority Altcoins to Register Dips

Bitcoin is trading between $56,000 (roughly Rs. 42 lakh) and $59,000 (roughly Rs. 45 lakh) on different crypto exchanges.

By Radhika Parashar | Updated: 2 December 2021 11:18 IST

Cryptocurrency Market Movement Rewards Bitcoin, Ether Joins Majority Altcoins to Register Dips

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Bitcoin registered a marginal gain of over one percent, Ether lost value by more than two percent

Highlights

Bitcoin rose in value by 1.14 percent
Ether, Ripple, Polkadot, Dogecoin, Shiba Inu dropped in values
Tether, USDCoin, and Polygon registered gains

After recent days of a major plunge, Bitcoin is beginning to get back up. With a gain of 1.14 percent, the world's oldest cryptocurrency opened Thursday, December 2 trading at $59,987 (roughly Rs. 45 lakh) on Indian exchange CoinSwitch Kuber. Meanwhile, on international exchanges such as CoinMarketCap and Binance, Bitcoin is trading around $56,400 (roughly Rs. 42 lakh). Despite Bitcoin registering marginal gains, the cryptocurrency seems to be inching its way back towards its all-time high of $68,000 (roughly Rs. 51 lakh).

Breaking the usual pattern, Ether did not follow Bitcoin in registering gains. Ether is presently trading at $4,828 (roughly Rs. 3.6 lakh) with a drop of 2.13 percent in its value, according to the Gadgets 360 crypto price tracker.

Among popular altcoins, only a few managed to register opening gains today. Among them are Tether, USDCoin, and Polygon.

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Other popular crypto tokens including Cardano, Ripple, Polkadot, Dogecoin, and Shibu Inu opened the day with losses.

The market momentum has remained fluctuating with minimal gains and losses for majority tokens in recent days. With noises and opinions around crypto advertisements becoming louder, it would be interesting to see how the market reacts to it.

In other crypto news, Meta, the rebranded umbrella group of Facebook and Instagram has decided to allow companies to run crypto-promoting advertisements on its platforms. The company has decided to let crypto advertisers like exchange platforms and wallet services to run ads on Meta platforms if they have even one of the 27 licences required.

No regulation has been passed to ban crypto ads in India so far, with a Crypto Bill likely to propose a ban on all “private cryptocurrencies” yet to be tabled in Parliament.

“As long as the ads come with a disclaimer about the volatility involved and the associated investment risks, such ads should be allowed as they provide opportunities to investors in a regulated manner,” Bhavesh Talreja, CEO and Founder of Globale Media told Gadgets 360.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.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.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Cardano, Ripple, Polkadot, Shiba Inu, Dogecoin, Tether, USDCoin, Polygon

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More