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Bitcoin posted a small gain of 1.60 percent on Monday, November 20. At the time of writing, the value of Bitcoin was 37,241 dollars (approximately 30.9 GEL). Over the weekend, the price of Bitcoin rose significantly by $900 (about Rs. 74,910). Bitcoin experienced some market volatility over the weekend. According to industry experts, this prompted a reflexive examination and invited comparisons with its historic 2021 performance, when it last reached its all-time high (ATH) of over $68,000 (approx. Rs. 56 lakh).
Ether saw even bigger gains on Bitcoin on Monday. With a gain of 2.25 percent, the value of ETH currently stands at $1,997 (approx. 1.66 GEL). This shows that during the weekend, the value of ETH increased by 18 dollars (about 1,498 rubles).
“Both BTC and ETH showed strength over the weekend, each gaining over 2.5%. This unexpected resilience in a normally quiet weekend may be due to the positive news of Javier Millais, a Bitcoin supporter, winning the presidential election in Argentina. He sees Bitcoin as a way to bring money back to the private sector,” research group CoinDCX told Gadgets360 while commenting on the market situation.
After BTC and ETH shares, most cryptocurrencies are trading in the green.
Binance Coin, Ripple, Solana, Cardano, Dogecoin, Tron and Chainlink all posted gains on Monday.
Other cryptocurrencies that saw price gains today include Avalanche, Polygon, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash.
The crypto market valuation increased by 2.04 percent in the last 24 hours. The total market cap of the sector, at the time of writing, stood at USD 1.41 trillion (approx. Rs. 1,17,40,788) CoinMarketCap.
“Fidelity has become the latest financial firm to try to launch an ETH ETF. Joining its rival BlackRock and 5 other companies, the entry of such financial giants into cryptology sends positive signals to the sector. Similarly, the SEC delayed ruling on spot bitcoin ETF applications by Franklin Templeton and Global X. The deadline has now been moved to early 2024 without any significant impact on the price of BTC,” Parth Chaturvedi, head of investments at CoinSwitch Ventures, told Gadgets360.
Meanwhile, a handful of cryptocurrencies suffered record losses today. These include Tether, USD Coin, Wrapped Bitcoin, Leo and also Cronos.
“The market is likely to ride the ETF wave in the coming weeks due to favorable macroeconomic conditions,” BuyUcoin CEO Shivam Thakral told Gadgets360.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in the article is not intended and does not constitute financial advice, trading advice or any other type of advice or recommendation offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any recommendations, forecast or other information contained in the article.
