Bitcoin, Ether Achieve Record Highs as Enthusiasm for Cryptocurrency Adoption Increase

Bitcoin rose as high as $67,803 (roughly Rs. 50.07 lakh).

Bitcoin, Ether Achieve Record Highs as Enthusiasm for Cryptocurrency Adoption Increase

Bitcoin and Ethereum have more than doubled since June and added nearly 70 percent against the dollar

Highlights
  • Bitcoin inflows totalled $95 million (roughly Rs. 701 crore) last week
  • Australia’s biggest bank to offer cryptocurrency trading to customers
  • Total cryptocurrency market capitalisation was just below $3 trillion

Bitcoin and Ether made record peaks in Asia trade on Tuesday as enthusiasm for cryptocurrency adoption and fears about inflation lent support to the asset class.

Bitcoin rose as high as $67,803 (roughly Rs. 50.07 lakh) and Ether, the second-biggest cryptocurrency by market value, hit $4,825 (roughly Rs. 3.56 lakh) in early Asian hours. Bitcoin price in India as of November 9 at 10:41am IST was Rs. 54.35 lakh, while Ether price was Rs. 3.83 lakh.

Both have more than doubled since June and added nearly 70 percent against the dollar since the start of October.

"Crypto is where the fast money is at," said Chris Weston, head of research at brokerage Pepperstone. "(Ether) is trending like a dream and I'd be long and strong here," he added.

"Clients are net long, with 79 percent of open positions held long, and I can sense the $5k (roughly Rs 3.69 lakh) party could get going soon."

Momentum has been gathering since last month's launch of a futures-based bitcoin exchange-traded fund in the United States raised expectations of flow-driven gains.

Bitcoin inflows totalled $95 million (roughly Rs. 701 crore) last week, representing the largest inflows of all digital assets, while inflows during an eight-week bull run for the cryptocurrency were $2.8 billion (roughly Rs. 20,681 crore), the CoinShares data showed on Monday.

In recent weeks, Australia's biggest bank has also said it will offer crypto trading to retail customers, Singaporean authorities have sounded positive on the asset class and spillover from a positive mood in stocks has lent support.

The moves have helped lift the total market capitalisation of cryptocurrencies above $3 trillion (roughly Rs. 2,21,58,809 crore), according to crypto price and data aggregator CoinGecko.

On the CoinMarketCap platform, which tracks 13,796 cryptocurrencies, the total cryptocurrency market capitalisation was just below $3 trillion at $2.92 trillion (roughly Rs. 2,15,69,315 crore).

© Thomson Reuters 2021


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.

Cryptocurrency Prices across Indian exchanges

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