Bitcoin reflected a small profit of 1.60 percent on Monday, November 20. At the time of writing, Bitcoin’s value stood at $37,241 (roughly Rs. 30.9 lakh). Over the weekend, Bitcoin’s price increased significantly by $900 (roughly Rs. 74,910). Over the weekend, Bitcoin experienced some market fluctuations. According to industry experts, this has led to in-depth scrutiny and invited comparisons with its latest historical performance in 2021, when it hit an all-time high (ATH) of over $68,000 (roughly Rs 56 lakh).
Ether saw even bigger gains than Bitcoin on Monday. With a profit of 2.25 percent, the value of ETH currently stands at $1,997 (roughly 1.66 lakh rupees). This shows that the value of ETH increased by $18 (roughly Rs. 1,498) over the weekend.
“Over the weekend, both BTC and ETH showed strength, gaining more than 2.5% each. This unexpected resilience during the usually quiet weekends may be due to positive news about Bitcoin supporter Javier Milei winning the presidential election in Argentina. He sees Bitcoin as a way to return money to the private sector,” the CoinDCX research team told Gadgets360, commenting on the state of the market.
Following the rallies of BTC and ETH, the majority of cryptocurrencies are trading in the green.
Binance Coin, Ripple, Solana, Cardano, Dogecoin, Tron, and Chainlink — all surged on Monday.
Other cryptocurrencies recording price increases today include Avalanche, Polygon, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash.
The valuation of the crypto market increased by 2.04 percent in the last 24 hours. According to CoinMarketCap, at the time of writing, the industry’s total market capitalization stood at $1.41 trillion (roughly Rs. 1,17,40,788 crore).
“Fidelity has become the latest financial company to seek to create an ETH ETF. The fact that such financial giants, along with its rival BlackRock and 5 other companies, have started to adopt crypto provides positive signals for the industry. On a similar note, the SEC delayed its decision on spot Bitcoin ETF applications from Franklin Templeton and Global X. The deadline has been shifted to early 2024 without any significant impact on the price of BTC,” Parth Chaturvedi, Investment Lead at CoinSwitch Ventures, told Gadgets360.
Meanwhile, a small number of cryptocurrencies experienced record losses today. These include Tether, USD Coin, Wrapped Bitcoin, Leo and Cronos.
“The market is expected to ride the ETF wave in the coming weeks due to favorable macroeconomic conditions,” BuyUcoin CEO Shivam Thakral told Gadgets360.
Cryptocurrency is an unregulated digital currency, is not a legal tender and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or other advice or recommendations of any kind offered or endorsed by Monitor. Monitor will not be liable for any losses arising from any investment made based on any perceived recommendations, forecasts or other information contained in the article.
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