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Cryptocurrency Prices Today: Bitcoin rises 0.83% at above Rs 49 lakh on November 7

Bitcoin's price is currently above Rs 49 lakh and its dominance is currently 42.58 percent, an increase of 0.83 percent over the day

November 07, 2021 / 08:33 AM IST
Representative image (Image: Reuters)

Representative image (Image: Reuters)

The global cryptocurrency market is in the green today on November 7. The market-cap is at $2.74 trillion, a 1.34 percent increase over the last day. The total crypto market volume over the last 24 hours was $97.76 billion - a decrease of 13.23 percent.

The total volume in DeFi is currently $11.71 billion, 11.97 percent of the total cryptocurrency market 24-hour volume. The volume of all stable coins is now $75.65 billion, which is 77.38 percent of the total crypto market 24-hour volume.

Bitcoin's price is currently above Rs 49 lakh and its dominance is currently 42.58 percent, an increase of 0.83 percent over the day.

This comes as Christopher Wood, the global head of equity strategy at Jefferies Group, reduced exposure to gold in his Asia ex-Japan portfolio by 5 percent in favour of Bitcoin. The move is being viewed as the crypto being a better option when hedging against inflation.

This is the first time Jefferies has cut exposure to gold and added to the 5 percent already allocated to the top cryptocurrency in December 2020. The additional 5 percent worth around $22,000 comes after Wood in April said he was “extremely bullish” on the crypto due to monetary easing and said it was “investable for institutions”.

In his note to investors, Wood also said he is not giving up on gold yet, but “it is risky for ageing gold bugs to ignore the reality that Bitcoin is a competitor to gold as a store of value”.

On Ethereum he said it is not a store of value asset, but it is likely to continue to outperform Bitcoin in the coming months.

Meanwhile, as more Indians join the non-fungible tokens (NFTs) gold rush; experts warn of legal pitfalls and an uncertain future.

NFTs have become a hot commodity globally and celebrities from different walks of life are jumping on the bandwagon to cash in on the boom. Indian celebrities from Bollywood and sports are now rushing to launch digital memorabilia through NFTs. While many critics have waved off the craze as the latest bubble, the rise of NFTs has baffled many.

Crypto-savvy consumers remain the early adopters, many of them possibly for purely speculative reasons, artists themselves are still decoding the technology and its long-term legitimacy.

As of 8.15 am on November 7, these are the prices of largest cryptocurrencies (data from WazirX):
Binance Coin51,673.626.65%
Moneycontrol News
first published: Nov 7, 2021 08:33 am