Bitcoin breaks recent ATH and marks new milestone at $76,000
After Donald Trump was elected the 47th US president this week, Bitcoin has soared to new highs. Bitcoin’s price hit a second all-time high (ATH), rising to $76,029 (approximately Rs. 64.14 lakh) on global exchanges, according to CoinMarketCap. Over the past 24 hours, the value of BTC has risen by more than two percent worldwide. On Indian exchanges such as CoinDCX and CoinSwitch, BTC is trading above $76,875 (approximately Rs. 64.8 lakh) as of Friday, November 8.
“Bulls continue to dominate the crypto market due to the pro-crypto expectation of the coming regime change in the United States. Late last night, the US Federal Reserve also announced a 25 basis point rate cut, just as the market expected as Bitcoin ticked higher after the decision was made,” the CoinSwitch Markets Desk told Gadgets360, explaining the increase.
Ether saw a price increase of 2.47 percent in the past day. On global exchanges, the asset is trading at $2,910 (approximately Rs. 2.45 lakh). In India, meanwhile, the price of ETH reached $2,940 (approximately Rs. 2.47 lakh) according to Gadgets 360 crypto price tracker. While Bitcoin hit two new all-time highs this week, Ethereum remains significantly below the all-time high of $4,878 (approximately Rs. 41,145), for last reached in November 2021.
“The world’s second-largest cryptocurrency by market capitalization, ETH, also showed some strength as it reached its highest price in more than three months. $3,000 (approximately Rs. 2.5 lakh) could be a major resistance for Ethereum to cross the post, with $4,000 (approximately Rs. 3.37 lakh) being the next target for bulls,” CoinSwitch added.
Many cryptocurrencies are trading profitably on Friday, thanks to post-election market momentum. During his campaign, President Trump expressed support for considering Bitcoin as part of the national reserves and indicated plans to implement policies favorable to the crypto mining industry.
At the time of writing, Solana, Cardano, Leo, Monero and Stellar were trading green stocks.
The total market capitalization for cryptocurrencies increased by 1.35 percent in the past 24 hours. Currently, the cryptocurrency market cap stands at 2.15 trillion (approximately Rs. 1,81,39,883 crore). CoinMarketCap.
Other altcoins such as Binance Coin, USD Coin, Dogecoin, Tron, Shiba Inu and Avalanche are trading sideways. They are as sensitive to rapid losses as they are to sudden spikes.
“While short-term market fluctuations may cause some volatility,” Binance Head of Regional Markets Vishal Sacheendran has warned investors about the shaky market conditions.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
