Bitcoin Powers Through to Storm Past $56,000, Dogecoin Surge Stops in Mixed Day for Altcoins

With a stellar showing through the week, analysts foresee a consolidation over the next 24 hours.

By Shomik Sen Bhattacharjee | Updated: 7 October 2021 12:07 IST

Bitcoin Powers Through to Storm Past $56,000, Dogecoin Surge Stops in Mixed Day for Altcoins

Highlights

Bitcoin moves past $55,000 for the first time in 5 months
Ether prices rise for the fourth consecutive day
Dogecoin slips after a strong start to the week

Bitcoin's price surge through the week shows no signs of slowing down just yet with the most valuable cryptocurrency in the world surging past the $56,000 mark for the first time in more than five months. With a surge of 8.8 percent on early Thursday, Bitcoin's trading value sits, at the time of writing, at Rs. 42,99,566 (roughly $57,600). While market sentiments have been positive through the week, news of billionaire investor George Soros' firm owning Bitcoin has added more wind under the crypto-coin's sails.

Gadgets360's cryptocurrency price tracker suggests a decent day for altcoins too, with Ether prices on the rise. While the second most-valued cryptocurrency's price trajectory hasn't been as smooth as Bitcoins, the coin did see a jump of 3.59 percent at Rs. 2,77,011 (roughly $3710). With a surge rate of close to 19 percent over the past week, Ether investors have enjoyed a good week in the green thus far after a turbulent end to September.

Dogecoin, meanwhile, lost a bit of its early-week steam, dropping by 3.43 percent to trade at Rs. 19.12 (around $0.25). The memecoin began the week with gains in double digits on Tuesday and a strong showing on Wednesday too, but with rivals SHIB stealing the spotlight for now, enthusiasm from investors have seen a dip. On the flipside, SHIB investors were over the moon with values up by 41.87% on Thursday morning, in what's been a stellar day for Shiba Inu followers.

"The past 24 hours were yet another wonderful session for the cryptocurrency market. Both the largest cryptocurrencies broke past multiple resistance levels. BTC inched closer to the $55,000 mark. The coming 24 hours would likely be a period of consolidation as there could likely be some profit booking across the spectrum," Edul Patel, CEO and Co-founder of Global Crypto Investment Platform - Mudrex, told Gadgets 360.

Post the pressure on digital tokens after China's blanket ban on cryptocurrency transactions and El Salvador's turbulent rollout of crypto-coins as legal tender, this week has seen Bitcoin bounce strongly, buoyed by a surge in institutional investors.

For altcoins, there's good news brewing with US-based movie theatre chain AMC Theatres officially allowing payments in popular meme-based cryptocurrency, Dogecoin. AMC now allows customers to purchase movie tickets through several cryptocurrencies including Bitcoin Cash, Ethereum, and Litecoin, and now, Dogecoin.

A parliamentarian in Tonga has also made the news for trying to convince the government to adopt Bitcoin as a legal tender in the country. Stating that the island nation loses a large chunk of money in fees for remittance platforms, a problem that could be eliminated by the introduction of crypto-trading.

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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