Bitcoin and Ethereum reach new highs today, Tether and Polkadot fall

On November 9, cryptocurrency prices remained in the green. The global cryptocurrency market cap is Rs 215.78 lakh crores, up 2.77 percent from the previous day, while total crypto market volume is Rs 9,01,845 crores, up 29.18 percent in the last 24 hours.

Bitcoin and Ether hit new highs in the Asia session on November 9 as investors flocked to the asset class due to enthusiasm for cryptocurrency adoption and concerns about inflation. Bitcoin reached Rs 53,000, while ether, the second-largest cryptocurrency by market capitalization, reached Rs 3,79,000. Both have gained nearly 70 percent against the dollar since the beginning of October, having more than doubled since June.

Bitcoin's price is currently Rs 53,54,600, and its market share is 43.63 percent, up 0.26 percent from yesterday. As traders prepare for inflation, falling real yields make assets like gold and cryptocurrencies that don't pay a coupon more appealing, according to Kyle Rodda, analyst at broker IG Markets, who added that the mood in the sector has been positive.

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