Ether Continues to Gain, Bitcoin and Many Other Cryptocurrencies Register Dips

Some industry experts believe this kind of market fluctuation is not concern-worthy but is rather necessary and healthy.

By Radhika Parashar | Updated: 11 November 2021 11:33 IST

Ether Continues to Gain, Bitcoin and Many Other Cryptocurrencies Register Dips

The total market valuation of cryptocurrencies is now over $3 trillion (roughly Rs. 2,22,79,296 crore)

Highlights

Internationally, Bitcoin is trading at $64,542 (roughly Rs. 48,05,855)
Ether, Tether, and USD Coin among few altcoins to witness gains
Most of the popular altcoins register losses

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.

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“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.

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“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.

We're glad to welcome you to the global home of Web3! We're counting on tech and innovation to help drive our city forward. https://t.co/SY9pv1Ebct
— Eric Adams (@ericadamsfornyc) November 8, 2021

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.

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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Further reading: Cryptocurrency, Cryptocurrency Market, Bitcoin, Bitcoin Price, Ether, Cardano, Ripple, Polkadot, Dogecoin, Litecoin, Tether, Shiba Inu

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More