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Business News/ Markets / Cryptocurrency/  Bitcoin, ether, dogecoin, Shiba Inu, other cryptos surge today. Check cryptocurrency prices
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Bitcoin, ether, dogecoin, Shiba Inu, other cryptos surge today. Check cryptocurrency prices

Bitcoin prices recently hit record high of around $69,000 and are up over 108% this year (year-to-date or YTD) so far

cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin representations are placed on PC motherboard in this illustration (REUTERS)Premium
cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin representations are placed on PC motherboard in this illustration (REUTERS)

Cryptocurrency prices today surged with Bitcoin rising above $60,000 on Thursday after crashing in the past few sessions and tumbling to its lowest price this month. The world's largest and most popular cryptocurrency was trading over 2% higher at $60,892. Bitcoin prices recently hit record high of around $69,000 and are up over 108% this year (year-to-date or YTD) so far. 

Global crypto market cap surged slightly to $2.8 trillion, according tracker CoinGecko. Bitcoin has more than doubled this year, while Ether is up about sixfold. Both scaled records last week amid a fervor for digital assets driven by speculative demand and controversial arguments that they can hedge inflation risks.

Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also rallied more than 4% to $$4,328. Ether price has been trading around all-time high, catching up with bitcoin's rally and riding on news of wider blockchain adoption.

Meanwhile, dogecoin price gained over 2% to at $0.24 whereas Shiba Inu also surged marginally to $0.000048. The performance of other cryptocurrencies like Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, Solana also were trading with gains over the last 24 hours.

Money pouring into bitcoin products and funds has hit a record $9 billion this year, and totalled $151 million last week in the 13th consecutive week of inflows, data from digital asset manager CoinShares showed on Monday. Although flows have been positive recently, volumes have been subdued in the second half, averaging $750 million daily versus $960 million in the first, CoinShares said.

While profit-taking after the massive run-up in prices was emerging as the biggest factor, analysts pointed to other reasons behind the more cautious sentiment, such as bitcoin's blockchain upgrade last weekend, higher US inflation and China's latest directive to its state-owned firms not to engage in cryptocurrency mining.

(With inputs from agencies)

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Published: 18 Nov 2021, 07:47 AM IST
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