Lagatar24 Desk
Mumbai, Nov.9: Bitcoin and Ether hit new highs in Asian trade on Tuesday, bolstered by enthusiasm for cryptocurrency adoption and concerns about inflation.
In early Asian hours, Bitcoin touched a peak of $67,803 (approximately Rs. 50.07 lakh) while Ether, the second-largest cryptocurrency by market value, achieved $4,825 (about Rs. 3.56 lakh). As of November 9 at 10:41 IST, the price of Bitcoin in India was Rs. 54.35 lakh, while the price of Ether was Rs. 3.83 lakh.
Both have gained about 70% against the dollar since the beginning of October, having more than doubled since June.
Since the debut of a futures-based bitcoin exchange-traded fund in the United States last month, which heightened expectations of flow-driven increases, momentum has been building.
According to CoinShares’ data released on Monday, bitcoin inflows totaled $95 million (approximately Rs. 701 crore) last week, reflecting the greatest inflows of all digital assets, while inflows throughout an eight-week bull run for the cryptocurrency were $2.8 billion (about Rs. 20,681 crore).
In recent weeks, Australia’s largest bank announced it will provide crypto trading to regular consumers, Singaporean authorities have sounded favourable on the asset class, and the asset class has benefited from the positive mood in markets.
According to crypto price and data aggregator CoinGecko, the changes have helped push the overall market capitalization of cryptocurrencies above $3 trillion (approximately Rs. 2,21,58,809 crore).
The overall cryptocurrency market capitalization was slightly under $3 trillion on the CoinMarketCap database, which counts 13,796 cryptocurrencies (roughly Rs. 2,15,69,315 crore).
