Most cryptocurrencies are mostly red on November 27. The global cryptocurrency market capitalisation is currently $2.47 trillion, down 6.97 percent in the past 24 hours.
Major coins like Loopring (LRC) and Chromia (CHR) are down 15.56 percent and 9.33 percent respectively. On the other hand, less dominant coins like Siacoin (SC), Arweave (AR) and New Kind of Network (NKN) rose high in the Indian market.
The total cryptocurrency market volume over the last 24 hours is $162.64 billion, an increase of 15.76 percent.
Bitcoin's price is currently above Rs 42.18 lakh and its dominance is 41.57 percent, a decrease of 0.12 percent over the day.
Bitcoin tumbled nearly 8 percent on November 26 over the fear of a new coronavirus variant from South Africa that is potentially vaccine-resistant. Investors dumped riskier assets for the perceived safety of bonds, the yen and the dollar.
Meanwhile, Paytm founder and CEO Vijay Shekhar Sharma said that he would definitely venture into cryptocurrencies. The sentiment in India about the sector is cautious at the moment, especially after it was widely reported that the Indian government had been getting ready to ban all private cryptocurrencies.
When asked about digital coins, Sharma said he was positive about the cryptocurrency sector. Accordingly to him, the technology is fundamentally rooted in cryptography. within a few years, cryptocurrencies will be mainstream, just like the Internet, he said. He also urged the Centre to take a solid, official stand on cryptocurrency, to help the ongoing confusion regarding the same disappear.
Earlier, Bank of England Governor Andrew Bailey said that El Salvador’s decision to adopt Bitcoin as its currency was “concerning”. Consumers “will probably be caught out by its volatility”, he added.
“It concerns me that a country would choose it as its national currency. What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have,” he said.As off 7.52 am IST on November 27, these are the prices of largest cryptocurrencies (data from WazirX):
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