Bitcoin, Ether Crypto Coins Hit New Highs Before Correction, Shiba Inu, Dogecoin Slip Continues

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Bitcoin hit a new all-time high of $ 68,525 (around Rs. 50.7 lakh) on Tuesday before investors decided to take their profits home and lower the price throughout the day. On Wednesday morning, Bitcoin was trading at $ 71,447 (around Rs.52.9 lakh) on India’s CoinSwitch Kuber exchange, as global exchanges like Coindesk and Binance are trading BTC at around $ 66,606 (around Rs. 49.3 lakh. ). The most popular crypto asset has fallen 2.4% in the past 24 hours, although its bull run may not be over. Bitcoin previously hit an all-time high of $ 67,000 (around Rs. 49.7 lakh) in the second half of October.

Similar to the boom in Bitcoin, Ether also hit a new all-time high of $ 4,840 (around Rs. 3.6 lakh) on Tuesday, although prices fell during the day. According to the Gadgets 360 cryptocurrency price tracker, Ether was trading at $ 5,065 (around Rs. 3.8 lakh), down 1.68% from its 24-hour low. Tuesday’s high is also the first time the Ethereum-based coin has managed to break above the $ 4,800 mark (around Rs. 3.55 lakh).

The coin war that seemed to be escalating over the past two weeks now appears to have lost momentum this week. Dogecoin and Shiba Inu both scored declines in what hasn’t been the best of weeks for either dog coin. DOGE is down 4.53% from its 24-hour low, trading at $ 0.29 (around Rs.21.72), while SHIB was down 5.08%.

The market tracker, at the time of publication, has its fair share of reds and greens with Cardano, Ripple and Litecoin rising, while Ripple and Polkadot have seen their values ​​plummet.

While investor interest after a somewhat lackluster summer is boosting the cryptocurrency as a whole, the broader institutional interest is driven by professional Bitcoin-related products. Meanwhile, the rise of decentralized finance (DeFi) and non-fungible tokens (NFT) is at the heart of Ether’s rise.

The rise in popularity of Bitcoin also poses difficult questions for nation states considering approval of the asset as legal tender. While El Salvador is already making the most of its BTC profits, the government of Zimbabwe now appears to be considering adopting Bitcoin as a legal payment option alongside its national currency, the Zimbabwean dollar.

Charles Wekwete, the head of e-Government technology in the African country revealed that discussions on legalizing Bitcoin payments are underway with private sector players.

Elsewhere, New York’s newly elected mayor Eric Adams believes it’s time for schools to start incorporating crypto as a subject into their curricula. Adams, who is an avid crypto fan and optimistic about its expansion, recently made headlines for saying he would take his first three paychecks in Bitcoin.

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 unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss resulting from any investment based on a perceived recommendation, forecast or any other information contained in the article.

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