Bitcoin Shows Strong Momentum, Eyeing All-Time High

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Bitcoin continues to one-up its previous days best and moves past $57,000 (roughly Rs. 42 lakhs) for the first time since May. At the time of writing, the world’s most popular cryptocurrency is trading at roughly $57,490 (roughly Rs. 43.3 lakhs) on Binance and CoinMarketCap, while on Indian exchange Coinswitch Kuber, BTC is already valued at over $59,000 (roughly Rs. 44.8 lakhs). The cryptocurrency hit an all-time high of $65,000 (roughly Rs. 48.9 lakhs) back in April this year and if the rally continues, we could see a new record set in a day or two.

Ether and other altcoins, meanwhile, continue to make a steady break for green. Gadgets360’s cryptocurrency price tracker shows that Ether saw a half-decent day of trade on Monday, opening at a valuation of Rs. 2,79,134 (about $3,740) on CoinSwitch Kuber on Tuesday. The second most-valued cryptocurrency gained 1.29 percent through Monday although a consistent rally isn’t afoot yet.

Elsewhere, Cardano, Tether, Ripple and Polkadot all continued to dip by 2–3 percent on an average. Dogecoin appears to be struggling to change its fortune right away falling 3.58 percent to trade at Rs. 17.96 (roughly $0.24). Rival memecoin Shiba Inu has been holding a bit of its own in the meantime, climbing 19.65 percent in what seems to be a rough beginning to the week for most other altcoins.

While the Bitcoin rally has investors excited, El Salvador, the country that officially adopted Bitcoin as legal tender in September, has garnered some criticism from Ethereum co-founder Vitalik Buterin.

El Salvador’s president Nayib Bukele has reportedly forced companies to accept Bitcoin after officially adopting the cryptocurrency as legal tender — a move that saw Buterin express his anger in a Reddit discussion, where he shared his comment in response to a post by another user.

In other news that made headlines, Bakkt — a platform for institutional investors to trade and store digital assets on a global network, announced a partnership with Google allowing users to add their virtual Visa Debit cards into Google Pay to purchase goods and services in-store and online.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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.



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