Bitcoin Rebounds to Trade Over $37,000, Most Loss-Ridden Altcoins See Recoveries

Bitcoin on Thursday, November 16, saw profits again after reeling under losses for the past two days. With a gain of 5.96 percent, the value of Bitcoin presently stands at $37,473 (roughly Rs. 31 lakh). In the last 24 hours, the value of Bitcoin has risen by $2,056 (roughly Rs. 1.7 lakh). This rally in Bitcoin price could be a result of stablecoin issuer Paxos reportedly planning to launch a new dollar-backed stablecoin for Singapore. Following Bitcoin's lead, most cryptocurrencies also recorded profits today.

Ether minted gains of 4.46 percent on Thursday. At the time of writing, the value of Ether stands at $2,055 (roughly Rs. 1.7 lakh). Over the last day, the value of ETH stands at $82 (roughly Rs. 6,822).

Among other cryptocurrencies that accumulated gains today, stablecoins such as Tether, Ripple, USD Coin marked their presence on the profit-making side of the crypto price chart.

Solana, Dogecoin, Tron, Chainlink, and Polkadot — all recorded losses today.

In the last 24 hours, a positive development came from Singapore. Paxos, a popular stablecoin issuer, is planning to issue a new dollar-based stablecoin for the Singapore region.

Litecoin, Shiba Inu, Bitcoin Cash, Leo, Cosmos, Stellar, Uniswap, Monero, and Cronos also recorded gains.

In the last 24 hours, the overall crypto cap rose by 4.91 percent to sit atop the valuation of $1.43 trillion (roughly Rs. 1,18,97,414 crore), reflected CoinMarketCap.

“Popular AI token RNDR (+35.2 percent) led the altcoin rally and reached its 19-month high. SOL (+15.9 percent), too, continued to rise as it successfully rebounded from its newly found support at $55 (roughly Rs. 4,575),” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

Meanwhile, only a small number of cryptocurrencies recorded losses today. These include Polygon, Leo, Monero, Nem, and Augur.

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