Bitcoin, Ether Values Show Little Movement as Shiba Inu Continues to Shine in the Meme Coin War

Polkadot made to the list of biggest gainers over the past 24 hours as most altcoins have a mixed day of trade.

Bitcoin, Ether Values Show Little Movement as Shiba Inu Continues to Shine in the Meme Coin War

Photo Credit: Pexels/ Alesia Kozik

Polkadot has had a very strong run over the past 24 hours as focus turns from BTC, Ether

Highlights
  • Bitcoin values remain stable with very little movement
  • Ether continues to climb hinting strong end to the year
  • Shiba Inu continues strong run at Dogecoin's expense

Bitcoin did begin the week with a bit of Monday blues but the slip hasn't turned out to be too bad. The world's most popular cryptocurrency opened Tuesday's trade at Rs. 48.3 lakh (roughly $64,541) on Indian exchange CoinSwitch Kuber climbing by 0.94 percent over the past 24 hours. Globally, Bitcoin has been trading at a valuation of above $60,000 (roughly Rs. 44.9 lakh) ever since it reached a new all-time high on 20 October, barring the rare dip early last week.

While Bitcoin struggles to get going, altcoins continue to enjoy a strong start to the week. Gadgets 360's cryptocurrency price tracker show that the second most valuable cryptocurrency in Ether is currently trading at Rs. 3.45 lakh (roughly $4,610), up by 2.23 percent over the past 24 hours. Having recorded a new time high at $4,606 (roughly Rs. 3.4 lakh) last week, Ether has been able to maintain an upward trajectory as analysts predict a strong end to the year for the Ethereum-based crypto-asset.

"The past 24 hours belonged to the altcoins, as the total cryptocurrency market cap went past the $2.63 trillion mark. Bitcoin struggled closer to the $60,200 mark. With BTC dominance decreasing and the market moving higher, altcoins could likely make a large move over the coming days," says Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto investment platform.

Shiba Inu (SHIB) continues its record-setting run from last week, ending Monday's trade up by 11.28 percent. Meanwhile, Dogecoin (DOGE) suffered a 3.87 percent dip through the same day as SHIB continues to excite investors in the battle of the dog coins.

Lower down the popularity pecking order, Cardano, Ripple, and Tether all witnessed dips of less than 1 percent.

Meanwhile, Polkadot has broken away from the pack with a strong run in the green, up by 15.8 percent in the past 24 hours. The cryptocurrency is trading at Rs. 3,956 (roughly $52.8) at the time of publishing.

Although it's Bitcoin and Ether charting new all-time highs over the past two weeks, the crypto world has its eyes peeled on the battle of the meme coins. SHIB's strong run so far has garnered a lot of attention from retail investors but whistleblower and former National Security Agency (NSA) consultant Edward Snowden has warned his followers of tossing all their eggs in the same basket.

"The problem is when they get emotionally manipulated into mortgaging the farm based on a meme's worth of understanding. If you want to drop some Happy Meals on lottery tickets, knock yourself out. But not the rent money" he said.

While Shiba Inu fans were quick to fight Snowden's claims, mainstream adoption of the Dogecoin-rival has been increasing in crypto-forward countries.


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.

Cryptocurrency Prices across Indian exchanges

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Shomik Sen Bhattacharjee
Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at ShomikB@ndtv.com. More
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