Cryptocurrency updates on November 18: Bitcoin, Ether, Shiba Inu, Dogecoin, other cryptos rise

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After a fall for the two consecutive days, cryptocurrency prices rose on Thursday, with bitcoin surging above $60,000. The world’s largest cryptocurrency, in terms of market valuation, hit a record high of nearly $69,000 about a week ago and is up over 108 percent year-to-date.

Second-largest cryptocurrency Ether also rallied nearly 4 percent to hit the last 24 hours high of $4,344.24, according to crypto exchange CoinDesk. In recent weeks Ether was trading at all-time highs, catching up with bitcoin’s rally.

Shiba Inu, which witnessed an increase in volume of trade in recent weeks, surged marginally to $0.000048, while meme crypto dogecoin price went up more than 1 percent to nearly $0.24. Other cryptocurrencies such as Litecoin, Solana, XRP, Stellar, Polkadot, Uniswap, and Cardano also gained over the past 24 hours.

Meanwhile, RBI Governor Shaktikanta Das on Tuesday expressed his concerns over cryptocurrencies, for the second time in a week, saying there are “far deeper issues” involved in virtual currencies that could pose a threat to the country’s economic and financial stability.

The statement came within a few days of the Prime Minister holding a meeting on the cryptocurrencies amid worries over misleading claims of huge returns on cryptocurrency investment.

Bitcoin has more than doubled in value since June, driven by the mainstream adoption of cryptocurrencies and the launch of futures-based bitcoin exchange-traded funds in the US.

Earlier this week, the Union Finance Ministry stated that it will take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies.

On Sunday, Bitcoin went through a major upgrade that enables the blockchain to execute more complex transactions.

Bitcoin has been quite volatile over the year. Following the cryptocurrency crackdown in China, the cryptocurrency had fallen below $30,000 in June.

(Edited by : Bivekananda Biswas)

First Published: Nov 18, 2021, 09:42 AM IST