After consecutive days of gains, Bitcoin opened Thursday, November 11 with a marginal dip of 2.4 percent, but has managed to maintain the value close to its recent all-time high. Internationally, the oldest cryptocurrency is trading at $64,542 (roughly Rs. 48,05,855), as per price tracker CoinMarketCap. Bitcoin price in India is higher with the crypto coin trading at $71,066 (roughly Rs. 52,91,595) per token. The tumble of the Bitcoin value coloured the price chart red for many altcoins, barring Ether.
With a price gain of 0.90 percent, Ether is trading at $5,086 (roughly Rs. 3.78 lakh) per token, as per the Gadgets 360 crypto price tracker. The development comes just days after the world's second most-valued cryptocurrency registered a new all-time high of $4,840 (roughly Rs. 3.6 lakh) on November 9.
Altcoins that began the day with dips include Cardano Ripple, Polkadot, Shiba Inu, and Dogecoin among many others.
“US inflation hit 6.2 percent in October, the highest in over 30 years. Store of value assets like Bitcoin have surged in response, with prices hitting a new record high of $68,950 (roughly Rs. 51.3 lakh) over the past hours. While this was quickly followed by an eight percent correction leaving over $700 million (roughly Rs. 5216 crore) in positions liquidated, we think this market movement is of no major cause for concern,” the research team of crypto exchange CoinDCX told Gadgets 360.
Only a few cryptocurrencies managed to register price increases, following Ether. These include Tether, USD Coin, Litecoin, and Chainlink.
After recent days of the price charts majorly reflecting the green colour, industry experts believe this kind of a market re-jiggle is only healthy.
“Given that the crypto market has been rather heated over the past weeks, this corrective movement is not only healthy but necessary to set the asset class up for the next leg of bull run,” the CoinDCX team added.
Meanwhile, the crypto adoption movement seems to be pacing towards a bright and shiny future.
Eric Adam, the mayor-elect of US' New York City has announced that the “Big Apple” is set to get its own crypto coin called NYCCoin. The beach town of Miami in the US had also launched a city coin called the “Miami Coin” earlier this year.
City tokens are programmable crypto tokens that serve to become an additional revenue stream for local governments through residents' mining of the tokens.
Mastercard has also partnered crypto finance and exchange firms in Thailand, Hong Kong, and Australia to introduce cryptocurrency-linked credit, debit, and prepaid cards for both individuals and businesses across the Asia Pacific region.
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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