Bitcoin, Ether Record Marginal Hikes; Going Remains Tough for Dogecoin and Its Copycats

As the week draws to an end, the value of Bitcoin failed to make a bulky gain on Friday, November 5. The oldest cryptocurrency in the world rose marginally by 0.43 percent in valuation and is currently trading at $67,212 (roughly Rs. 49.9 lakh) per token, on Indian exchanges like CoinSwitch Kuber. Globally the prices are a little lower but still remain strong. Despite minor gains and losses, the reigning crypto-coin managed to hold its value over $62,000 (roughly Rs. 47 lakh) ever since it reached a new peak during the last few day of October.

Ether also seems to have followed Bitcoin, gaining only a little before wrapping up the first week of November. The cryptocurrency grew by just 0.40 percent to trade at $4,908 (roughly Rs. 3.64 lakh), as per the Gadgets 360 crypto price tracker.

At a glance, the crypto-price chart today looked like a mixed bag of mixed red and green price indicators.

Tether, Polkadot, USD Coin, and Chainlink are among some cryptocurrencies to have registered minor gains.

While crypto-coins including Cardano and Ripple found themselves dealing with minimal value losses, the going remained tough for Dogecoin and its other dog-based copycats.

Potential DOGE competitor Shiba Inu has also been losing value for the past few days. The dog-token registered a significant loss of 15.92 percent and is currently trading at $ 0.000049 (roughly Rs. 0.003633). This drastic dip in the SHIB price comes after the cryptocurrency, on October 25, registered a 50 percent spike and became the 11th-biggest cryptocurrency coin by market value, WatcherGuru had reported.

Baby Doge Coin, Floki Inu, and Kishu Inu are among other meme-based dog coins to have lost values in this last week of November.

The crypto-space is increasingly attracting people to enter and experiment with its elements including non-fungible tokens (NFTs) and the metaverse

In a recent report, for instance, research firm Civic Science said US residents in low-paying jobs are churning profits from crypto investments and are considering quitting their jobs.

The survey finds that almost two-thirds of the people who left their jobs had an income of less than $50,000 (roughly Rs. 37.2 lakh) annually and the “financial freedom” offered by their crypto-assets gave them the confidence to resign from their jobs.

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