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Cryptocurrency: Shiba Inu regained its rhythm on the day Bitcoin depreciated

https://groundscape.org/Cryptocurrency-shiba-inu-regained-its-rhythm-on-the-day-bitcoin-depreciated

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Cryptocurrency: Although the situation improved a bit at the end of last week, the market price of Bitcoin fell again. The currency is currently trading at, 72,320 (approximately Rs 48.4 lakh), according to the Indian crypto exchange Coinswitch Kuber. According to CoinMarket Cap, its current market price in the international market is  57.64 (approximately Rs. 42.3 lakhs). The currency has lost 1.27% in the last 24 hours. Just last week, US President Joe Biden signed an infrastructure bill that would allow digital asset brokers to keep records and report information on all transactions related to internal revenue services starting in 2023. The world’s most valuable currency has fallen more than 9% in the week since the bill was signed.

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Not only Bitcoin but also Ether is the second most valuable currency in the world. After a 0.6% drop in market value in the last 24 hours, its current trading value as Indian exchange Coinswitch Kuber is 4,562 (approximately Rs. 3.4 lakhs). On the other hand, according to data from the global exchange CoinMarket Cap, it is currently valued at world 4,161 (approximately Rs. 3.1 lakhs) in the world market. According to the report, on November 10, the market price of the Ethereum branch-dependent currency fell by 13% after crossing the 4.80 (approximately Rs 3.61 lakh) market price.

Edul Patel, co-founder, and co-founder of AI-based crypto investment medium Mudrex said the crypto market has remained pretty much the same in the last 24 hours. With the market price of Bitcoin falling below  56,000 (approximately Rs. 42.4 lakhs), the dominance of BTC has dropped to more than 42%, indicating that the market price of Altcoin is more ‘Bullish’ than that of Bitcoin at the moment. The belief that there is potential for higher market prices in the future). According to him, the crypto market will remain in the same range for the next 24 hours.

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According to reports, Bitcoins have overtaken Dodgecoins and Altcoins have taken the spotlight this week. Coins such as Cardano, Ripple, Uniswap have seen gains in the last 24 hours, but there has been a slight decline in the market price of Polka-dot and Tether.

Market prices for mime-based cryptocurrencies, Dogecoin and Shiba Inu have been declining over the past few weeks. Following that trend, Dogecoin has lost 1.2% in the last 24 hours and is currently trading at 20.24 (approximately Rs. 16.21). However, in the case of Shiva Inu, the situation has changed somewhat. After gaining 1.48% in the last 24 hours, the market price of the currency now stands at  0.000044 (approximately Rs. 0.003265).

This year, the Central American country of El Salvador has recognized Bitcoin as a legal tender. Recently, news came out that the country is also planning to create a bitcoin city. However, the crypto market did not respond positively to the issue of ‘Bitcoin City’.

On the other hand, since Facebook’s name was changed to Meta, blockchain gaming and metaverse-related tokens have begun to come together to prove Metavers’ intent. According to CoinMarket Cap, all popular metaverse currencies, including Sandbox, Gala, Decentraland, have risen sharply in the past week.

 

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