Bitcoin traded at Rs 53,12,582 on Wednesday morning with a dominance of 43.56 percent, down 0.07 percent over the day. Bitcoin’s price is currently Rs 53,12,582 and its dominance is currently 43.56 percent, a decrease of 0.07 percent over the day.
Bitcoin, Ether Highs and Crypto Market Value
Cryptocurrency prices continued to be in the red on November 10. The global cryptocurrency market cap stood at Rs 215.76 lakh crore, a 0.59 percent decrease over the last day, while the total crypto market volume over the last 24 hours reached Rs 10,17,923 crore, making a 12.25 percent increase.
Bitcoin and Ether hit record peaks on November 9, with enthusiasm for cryptocurrency adoption and worry about inflation driving momentum and flows into the asset class. Though both virtual currencies pulled back from their highs in the US session, their trajectory was clearly headed higher.
Both have more than doubled since June and added nearly 70% against the dollar since the start of October. “This move is a culmination of months of net outflows from exchanges and coming off the market, coupled with increasing demand,” said Martha Reyes, head of research at digital asset prime brokerage and exchange BEQUANT.
“This creates a supply shock and we are far from levels where long-term holders, who make up a greater number of investors, start taking significant profits so $100,000 is on the horizon,” she added. Market 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. Huge pandemic savings and a more upbeat global growth prospects suggested that digital assets would remain well-supported, analysts said.