The global cryptocurrency market was in for a pleasant ide on Monday, November 8, as the world’s second largest crypto coin Ethereum, or Ether, scaled a new high. The altcoin was trading above the $4,700 mark on the day, up by several notches. At the time of writing this article, the price of one Ether coin stood at $4,734.80, up by 2.81 per cent over the last 24 hours, data from CoinMarketCap showed. Bitcoin, too, gained momentum and jumped to a three week high. Scaling the $66,000 mark, the world’s largest cryptocurrency was up by around 4 per cent, a report from Reuters showed. At the time of writing this article, one Bitcoin was trading at $66,001.72, up by 6.16 per cent over the last 24 hours.
“Ether is up around 59 per cent since the start of October and bitcoin about 51 per cent as investors have cheered last month’s launch of a U.S. futures-based bitcoin exchange-traded fund and sought exposure to an asset class sometimes regarded as an inflation hedge,” said a Reuters report.
Talking about Bitcoin’s performance, experts at the WazirX Trade Desk said, “Since making a new All time high, Bitcoin has been consolidating around the $60k mark for quitesome time now. BTC has been trending up forming repeated flag patterns, that’s a bullish sign.”
“BTC currently trades around the $65k mark this morning. The asset is up 8% over the past week, and is witnessing strong inflows and volumes at current levels which is a strong fundamental sign. November appears to have done a good job picking up the bull run-torch from October,” said the ZebPay Trade Desk.
“While the biggest cryptocurrency trades strong, its market dominance has been dipping as investors shift to altcoins. Over the past week, Ethereum scored another all-time high and Binance Coin traded strongly in the greens. Just as the Asia Pacific region opens trading for the week, Ethereum hit a new high trading just above US$4,700, XRP surging by 8.71% over the past day, and Solana surpassing Tether and Cardano to be the fourth largest crypto. Even as altcoins gain ground, bitcoin will likely continue to hold onto its pole position as the top cryptocurrency’s characteristics mirror that of digital gold much more than other cryptos,” it added.
Meanwhile, the global cryptocurrency market cap on Monday, November 8, was standing at $2.87 trillion. This was up by 3.62 per cent over the course of the last day, CoinMarketCap data showed.
Hero Essence was the top gainer in the global crypto market, the data on the crypto tracking website showed. Over the last 24 hour, the value of one token increased by 838.49 per cent. One token was priced at $2.80, as per data. Uniswap Finance [new] occupied the second spot in the top gainers’ pack, priced at $2.49 and up by 463.02 per cent over the last 24 hours. Flookimooni, valued at $0.000001459 per token, continued its upward trend and came third with a surge of 307.80 per cent in the last day.
As far as losers were concerned, the top spot went to Otter Clam. The price of one token went down by 85.34 per cent and was trading at $34.58. Elonomics and Catena X came second and third in the chart, decreasing by 84.66 and 63.13 per cent respectively during the course of the last day.
Top 6 Cryptocurrency Gainers (According to Data from CoinMarketCap)
Hero Essence: $2.80 – up by 838.49 per cent in the last 24 hours
Uniswap Finance [new]: $2.49 – up by 463.02 per cent in the last 24 hours
Flookimooni: $0.000001459 – up by 307.80 per cent in the last 24 hours
Rewards Bunny: $0.009489 – up by 228.21 per cent in the last 24 hours
UNICORN CAKE: $0.000005421 – up by 188.31 per cent in the last 24 hours
GRAP: $0.3486 – up by 188.28 per cent in the last 24 hours
Top 6 Cryptocurrency Losers (According to Data from CoinMarketCap)
Otter Clam: $34.58 – down by 85.34 per cent in the last 24 hours
Elonomics: $3.69 – down by84.66 per cent in the last 24 hours
Catena X: $1.47 – down by 63.13 per cent in the last 24 hours
Squidanomics: $0.000000009525 – down by 54.72 per cent in the last 24 hours
Bouje Token: $38.89 – down by 53.98 per cent in the last 24 hours
Bake Up: $0.0003929 – down by 53.76 per cent in the last 24 hours