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

Bitcoin hit yet another all-time high of $68,525 (roughly Rs. 50.7 lakh) on Tuesday before investors decided to take profits home and drive the price down through the day. Bitcoin on Wednesday morning was trading at $71,447 (roughly Rs. 52.9 lakh) on Indian exchange CoinSwitch Kuber as global exchanges like Coindesk and Binance have BTC trading at around $66,606 (roughly Rs. 49.3 lakh). The most popular crypto asset is down by 2.4 percent over the past 24 hours although its bull run may not be over. Bitcoin had previously achieved an all-time high of $67,000 (roughly Rs. 49.7 lakh) in the latter half of October.

Similar to Bitcoin’s surge, Ether also managed a new all-time high of $4,840 (roughly Rs. 3.6 lakh) on Tuesday, although prices did dip through the day. As per Gadgets 360’s cryptocurrency price tracker, Ether was trading at $5,065 (roughly Rs. 3.8 lakh), down by 1.68 percent over its 24-hour low. Tuesday’s high is also the first time the Ethereum-based coin managed to pass the $4,800 (roughly Rs. 3.55 lakh) mark.

The meme coin war that appeared to be heating up over the past couple of weeks now seems to have lost its momentum this week. Dogecoin and Shiba Inu both marked dips in what hasn’t been the best of weeks for either dog coin. DOGE is down by 4.53 percent over its 24-hour low, trading at $0.29 (roughly Rs. 21.72), while SHIB saw a fall of 5.08 percent.

The market tracker, at the time of publishing, has its fair share of reds and greens with Cardano, Ripple, and Litecoin rising, while Ripple and Polkadot saw its values fall.

Although investor interest after a somewhat lacklustre summer is driving cryptocurrency as a whole, broader institutional interest is being driven by professional products linked to the likes of Bitcoin. Meanwhile, the rise of decentralised finance (DeFi) and non-fungible tokens (NFTs) are at the heart of Ether’s rise.

Bitcoin’s rise in popularity is also asking hard questions of nation-states mulling approval of the asset as legal tender. While El Salvador’s already making the most of its BTC profits, the government of Zimbabwe now appears to be considering the adoption of Bitcoin as a legal payment option alongside its national currency, the Zimbabwean Dollar.

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

Elsewhere, New York’s new mayor-elect Eric Adams feels that it’s about time schools began incorporating crypto as a subject into their curricula. Adams, who’s been an avid crypto fan and bullish on its widening scope recently made headlines for stating that he would take his first three paychecks in Bitcoin.

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.