Bitcoin Climb Continues as Ether Price Movement Garners Attention, Memecoins Surge After Elon Musk Tweet

Ether-linked ETFs could be the next big focus for investors after Bitcoin Futures ETF success.

By Shomik Sen Bhattacharjee | Updated: 25 October 2021 10:57 IST

Bitcoin Climb Continues as Ether Price Movement Garners Attention, Memecoins Surge After Elon Musk Tweet

Cryptocurrencies could see a strong rally soon

Highlights

Bitcoin continues to climb after a weekend slump
Ether investors hopeful of a prolonged rally soon
Dogecoin, Shiba Inu rise big after Elon Musk's tweet

Bitcoin grabbed all the headlines in the crypto world last week marking a new all-time high but ended the week with the slump. But the surge in investor excitement doesn't seem to have faded just yet. The world's most popular cryptocurrency opened Monday's trade at Rs. 47,36,579 (roughly $63,236) rising by 1.41 percent over the past 24 hours. At the time of writing, the largest crypto asset by market capitalisation is up to Rs. 48,50,015 (roughly $64,750) on Indian exchange CoinSwitch Kuber, a 1.38 percent rise from the day's opening valuation.

Bitcoin's rally due to the debut of several Bitcoin Futures ETFs in the US has investors shifting focus now. With a possibility of Ethereum-based ETFs on the horizon Gadgets 360's cryptocurrency price tracker shows that Ether could see a strong rally soon. Ether is currently trading at Rs. 3,23,628 (roughly $4,320) and is up by 1 percent from its week opening of Rs. 3,14,238 (roughly $4,195). The second-most popular crypto-asset did mark a new all-time high too last week, although the feat slipped under the radar because Bitcoin stole the limelight. The values did dip a fair bit by the end of the week but investors do seem hopeful of a strong surge soon.

Memecoins Shiba Inu and Dogecoin marked big gains yet again and the reason is perhaps anyone's guess. The 'Dogefather' Elon Musk tweeted a photo of his puppy which set SHIB soaring to an all-time high on early Sunday, but later replied to a tweet stating that he owns "None", dampening the mood. Dogecoin, meanwhile, is up by over 8 percent, trading at Rs. 21.22 (roughly $0.28) at the time of publishing.

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Cardano, Ripple and Litecoin saw values in red, yet again.

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While Bitcoin-linked ETFs are all that people are excited about right now, Ether's price movements hint that investor attention has been shifting from Bitcoin following the launch of a Bitcoin futures ETF in the US. The growth of decentralized finance (DeFi) and the current non-fungible token (NFT) hype are also contributing to Ethereum-based cryptocurrency's rise.

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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