The price of Bitcoin (BTC) crossed $58,000, while prices of Ethereum (ETH) and Binance Coin (BNB) were also in the green on November 26, at 9:30 am, as per data from cryptocurrency exchange Coinmarketcap.com.
The price of Bitcoin, the world's most popular coin by market value, was trading at $58,070.63, at 9:30 am, a rise of 0.49 per cent in the last 24 hours. Ethereum registered a rise of 2.49 per cent in the last 24 hours and was trading at $4,433.79, while Binance Coin was trading at $628.83, up 2.88 per cent in the last 24 hours. Tether (USDT), which is the fourth cryptocurrency by market capitalisation, was trading at $1 and fell 0.03 per cent in the last 24 hours.
However, Solana (SOL) continued to fall, losing 2.10 per cent and was trading at $205.97, according to coinmarketcap.com.
"Bitcoin's options and derivatives are facilitating downside protection, continuing to become pricier, indicating bearish sentiment. We could see some of the selling pressure reduce after the monthly options expiry today (the last Friday of the month), Ethereum investors seem content after the 344 per cent gains accumulated in 2021," says Gaurav Dahake, CEO and founder, Bitbns, a cryptocurrency exchange.
Biggest Gainer and Loser
Safe Drive (SAFE) became the biggest gainer in the last 24 hours clocking an increase of 1801.79 per cent in the last 24 hours; it was trading at $0.00005897 at 9:30 am. Ghost Farmer Capital (GFC) lost the most in the last 24 hours, falling 89.32 per cent, and was trading at $0.0000002026.
Elon Musk's appeal to Dogecoin (DOGE) investors did not make any positive impact on its price. It fell by 0.61 per cent in the last 24 hours and was trading at $0.2178 at 9:30 am. Meanwhile, Doge's rival Shiba Inu (SHIB) fell by 3.53 per cent in the last 24 hours and was trading at $0.00004102, at 9:30 am, according to coinmarketcap.com.
Dogelon Mars (ELON) has fallen by 0.53 per cent in the last 24 hours and was trading at $0.000001382, while Samoyedcoin (SAMO) was trading at $0.07871 and recorded a fall of 7.28 per cent in the last 24 hours, according to coinmarketcap.com.
Among speculations on the future of cryptocurrency in India, Finance Secretary T.V. Somanathan, while giving an interview to CNBC TV18, made it clear that “crypto won’t be a legal tender by any means”.
As speculation runs through the market, the industry is not favouring a complete ban on cryptocurrencies. "A complete ban on cryptocurrencies will only give rise to the black market and disintegrate us from the global economy," says Kumar Gaurav, founder and CEO of Cashaa, a crypto exchange.