The increase in prices of some crypto coins is powered by several pro-crypto moves that have been incorporated in different parts of the world.
Majority of popular cryptocurrencies opened with gains
Over a week after Bitcoin reached an all-time high of $67,000 (roughly Rs. 50 lakh), the world's most-valued cryptocurrency continues to stay above $60,000 (roughly Rs. 45 lakh). On Tuesday, October 26, Bitcoin opened with a marginal gain of 0.59 percent and began trading at $64,960 (roughly Rs. 48.7 lakh). On October 19, the New York Stock Exchange got the first Bitcoin futures exchange-traded fund (ETF) following which Bitcoin prices have been rallying. The cryptocurrency is also being pitched as a modern-day equivalent to gold by several investors.
Ether, which is the world's second most-valued cryptocurrency has also been witnessing a subtle but constant rise in terms of value. At the time of writing, Ether was trading at $4,382 (roughly Rs. 32,8821), as per Gadgets 360's cryptocurrency price tracker. So far, the ongoing week has been good for Ether as it also opened with the gain of one percent on Monday, October 26.
Overall, the crypto price tracker chart looks dominated by the green colour as a majority of altcoins witnessed growth on Tuesday. Altcoins are crypto coins other than Bitcoin.
Cardano, Ripple, Polkadot, Shiba Inu, and Uniswap among other cryptocurrencies opened for the day with spikes in their trading values.
On the other hand, only a few crypto coins including Tether, Dogecoin, and USD Coin witnessed marginal dips.
Meanwhile, several pro-crypto moves have warmed up the climate around these unregulated virtual currencies around the world.
For instance, MasterCard expanded its crypto services and partnered digital wallet platform Bakkt earlier this week.
In addition, Nigeria launched “eNaira”, the first digital currency in the African continent starting October 25.
Billionaire investor and philanthropist Paul Tudor Jones also recently said that Bitcoin is currently "winning the race against gold”. The same pro-crypto sentiment was expressed recently by venture capitalist Chamath Palihapitiya who believes that Bitcoin is a modern-day replacement for gold.
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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