Bitcoin, Ether Record Marginal Hikes; Going Remains Tough for Dogecoin and Its Copycats

Bitcoin is wrapping up the first week of November at $67,212 (roughly Rs. 49.9 lakh) on Indian exchanges.

By Radhika Parashar | Updated: 5 November 2021 11:26 IST

Bitcoin, Ether Record Marginal Hikes; Going Remains Tough for Dogecoin and Its Copycats

Cryptocurrencies are decentralised and unregulated medium of online payments

Highlights

Bitcoin, Ether, and Chainlink among cryptocurrencies to register gains
Cardano and Ripple witness dips
Dog coins including the Dogecoin and Shiba Inu register value drops

As the week draws to an end, the value of Bitcoin failed to make a bulky gain on Friday, November 5. The oldest cryptocurrency in the world rose marginally by 0.43 percent in valuation and is currently trading at $67,212 (roughly Rs. 49.9 lakh) per token, on Indian exchanges like CoinSwitch Kuber. Globally the prices are a little lower but still remain strong. Despite minor gains and losses, the reigning crypto-coin managed to hold its value over $62,000 (roughly Rs. 47 lakh) ever since it reached a new peak during the last few day of October.

Ether also seems to have followed Bitcoin, gaining only a little before wrapping up the first week of November. The cryptocurrency grew by just 0.40 percent to trade at $4,908 (roughly Rs. 3.64 lakh), as per the Gadgets 360 crypto price tracker.

At a glance, the crypto-price chart today looked like a mixed bag of mixed red and green price indicators.

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Tether, Polkadot, USD Coin, and Chainlink are among some cryptocurrencies to have registered minor gains.

While crypto-coins including Cardano and Ripple found themselves dealing with minimal value losses, the going remained tough for Dogecoin and its other dog-based copycats.

Potential DOGE competitor Shiba Inu has also been losing value for the past few days. The dog-token registered a significant loss of 15.92 percent and is currently trading at $ 0.000049 (roughly Rs. 0.003633). This drastic dip in the SHIB price comes after the cryptocurrency, on October 25, registered a 50 percent spike and became the 11th-biggest cryptocurrency coin by market value, WatcherGuru had reported.

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Baby Doge Coin, Floki Inu, and Kishu Inu are among other meme-based dog coins to have lost values in this last week of November.

The crypto-space is increasingly attracting people to enter and experiment with its elements including non-fungible tokens (NFTs) and the metaverse

In a recent report, for instance, research firm Civic Science said US residents in low-paying jobs are churning profits from crypto investments and are considering quitting their jobs.

The survey finds that almost two-thirds of the people who left their jobs had an income of less than $50,000 (roughly Rs. 37.2 lakh) annually and the "financial freedom" offered by their crypto-assets gave them the confidence to resign from their jobs.

Wow 4% of people in the USA have quit their jobs because of Crypto gains, and the vast majority made under 50k. Now we know why so many people quit low paying jobs. And this was BEFORE the current runup @cnbc @elerianm @novogratz @Austan_Goolsbee https://t.co/0K5ozoOw1j
— Mark Cuban (@mcuban) November 3, 2021

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.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency News, Cryptocurrency Price, Cryptocurrency Market, Cryptocurrency Price in India, Cryptocurrency Exchange, Bitcoin Exchange, Bitcoin Prices, Bitcoin Price in India, Bitcoin, Bitcoin Market, Cryptocurrency List, Ether, Dogecoin, Dog-Coins, Shiba Inu

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