Bitcoin Recovers From Blip to Trade at $58,000 as Ether, Polkadot Make Big Gains

Ether investors had a good day too, as most altcoins managed to see green through Wednesday and the early hours of Thursday.

By Shomik Sen Bhattacharjee | Updated: 14 October 2021 12:24 IST

Bitcoin Recovers From Blip to Trade at $58,000 as Ether, Polkadot Make Big Gains

Photo Credit: Pexels/ Alesia Kozik

Bitcoin is on its way to touch the $60,000 (roughly Rs. 45.2 lakhs) mark

Highlights

Bitcoin made big gains to see values rise by 3 percent
Bitcoin is back on track to breach its all-time high of $65,000
Ether, Cardano, and Polkadot all made big gains

Bitcoin's rally to a new all-time high might have seen a minor blip on October 12 but the world's most popular cryptocurrency is back on track, gaining close to 3 percent over Wednesday, October 13, trading at around the $58,000 (roughly Rs. 43.7 lakhs) mark on Thursday morning. While the valuation of Bitcoin on Indian exchanges like CoinSwitch Kuber opened at a much higher mark of Rs. 44,78,507 (roughly $59,470), the trajectory is clear and moving past the $60,000 (roughly Rs. 45.2 lakhs) mark is clearly next in the crosshairs.

But it wasn't just a good day for Bitcoin traders alone. Gadgets 360's cryptocurrency price tracker shows that most of the popular altcoins had a good day too. Ether prices saw a sizeable uptick in valuation of 3.86 percent, a noteworthy rise for the first time through the week. The Ethereum blockchain-based cryptocurrency began well on Thursday morning too, with gains of 2.85 percent to show for already. At the time of writing, the crypto-asset is currently valued at Rs. 2,84,798 (roughly $3782).

While most of the other altcoins had gains to show for too, Polkadot, Stellar and Chainlink were the biggest gainers on the day, all gaining more than 5 percent. In fact, Polkadot, ahead of the parachain auction process, where projects are allocated slots for building on the Polkadot cryptocurrency network, saw gains to the tune of 17.28 percent.

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In other crypto-related news, Bollywood star Salman Khan took to Twitter to announce the launch of his own NFT collection that will be available on BollyCoin — a new, dedicated, Bollywood-themed NFT platform started by Bollywood actor, producer, and director Atul Agnihotri. The actor joins Amitabh Bachchan who also hopped on the NFT craze.

There are more positive developments for crypto-enthusiasts in the country too, in terms of statistics. As per an annual proliferation index put together by broker discovery and comparison platform BrokerChoose, India has the highest number of cryptocurrency owners globally in terms of individual number of holders. The United States and Russia were ranked second and third, respectively.

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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