Bitcoin Looks Strong Despite Price Drifting Around $62,000, Dogecoin, Shiba Inu Lead Memecoin Surge

Bitcoin’s price over the past few days has hovered around the $62,000 mark amid anticipation for the very first Bitcoin-linked exchange-traded fund (ETF) set to make its official debut at the New York Stock Exchange on Tuesday. Bitcoin, the largest cryptocurrency by market capitalisation, rose by a paltry 0.66 percent over the past 24 hours to trade at $62,470 (roughly Rs. 47,00,277) on Coinbase. As has been the trend, Indian exchanges like CoinSwitch Kuber have the cryptocurrency trading at a higher price of Rs. 49,01,252 (roughly $65,141), up by 0.96 percent from its opening valuation on Tuesday.

While Bitcoin looks strong for the next few days, most other crypto-assets appears to be struggling to see green. Gadgets 360’s cryptocurrency price tracker reveals that Ether has dropped by close to 2 percent from its opening valuation at the beginning of the week. Ether opened Tuesday’s trade at Rs. 2,93,717 (roughly $3,903) and down by 0.49 percent at the time of publishing.

Memecoins appear to be ruling the roost for top gainers over the past 24 hours with both Dogecoin and Shiba Inu making gains of over 5 percent. While SHIB made a jump of almost 15 percent, valued at Rs. 0.002110 (roughly $0.00003), Dogecoin moved up by 7.77 percent to Rs. 19.78 (roughly $0.263). Some people are linking the movement to a new tweet by the Dogefather, Elon Musk.

Cardano, Ripple, Uniswap, and Litecoin, meanwhile, continue to plunge.

Bitcoin hovered around the current price levels over the past couple of days. It is a good sign for the cryptocurrency market as the market participants constantly track BTC for directional cues. The coming 24 hours could be a period of increased volatility,” states Edul Patel, CEO and co-founder of algorithm-based crypto investment platform, Mudrex.

With Bitcoin’s fortunes set to achieve a new all-time high at some point over the next few days, an analyst of repute in Ki Young Ju, claims that this incredible bull run can be largely attributed to whales and not short liquidations. This is a marked shift from what the trend has been over the past few months.

Since BTC’s crash back in May, Bitcoin bulls appear to have been hesitant to buy big and shifted focus temporarily to the likes of non-fungible tokens (NFTs). They’re back now and could steer the world’s first cryptocurrency to new highs.

Meanwhile, Billionaire investor Mark Cuban has once again spoken up on the topic of cryptocurrency. When asked what cryptocurrency he would suggest for new investors. He picked Bitcoin, Ether, and Dogecoin as his picks, stating that not all digital currencies are equal, even though the entire crypto market has seen a boost in the past year.

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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