Bitcoin rebounds to trade above $37,000, most loss-making altcoins see recovery

After being in losses for the last two days, Bitcoin again saw profits on Thursday, November 16. With an increase of 5.96 percent, the price of Bitcoin is currently $ 37,473 (about Rs 31 lakh). The price of Bitcoin has increased by $ 2,056 (about Rs 1.7 lakh) in the last 24 hours. This rally in Bitcoin price could be a result of stablecoin issuer Paxos planning to launch a new dollar-backed stablecoin for Singapore. Following Bitcoin’s gains, most cryptocurrencies also recorded profits today.

Ether gained 4.46 percent on Thursday. At the time of writing, Ether is worth $2,055 (approximately Rs 1.7 lakh). In the last day, the price of ETH stood at $82 (approximately Rs 6,822).

Among other cryptocurrencies to make gains today, stablecoins like Tether, Ripple, USD Coin marked their presence on the profit-making side of the crypto price chart.

Solana, Dogecoin, Tron, Chainlink and Polkadot – all recorded declines today.

A positive development emerged from Singapore in the last 24 hours. Paxos, a popular stablecoin issuer, is planning to issue a new dollar-based stablecoin for the Singapore region.

Litecoin, Shiba Inu, Bitcoin Cash, Leo, Cosmos, Stellar, Uniswap, Monero and Chronos also recorded gains.

In the last 24 hours, the total crypto cap surged 4.91 percent to a valuation of $1.43 trillion (roughly Rs. 1,18,97,414 crore), reflecting coinmarketcap,

“Popular AI token RNDR (+35.2 percent) led the altcoin rally and hit its 19-month high. SOL (+15.9 percent) also continued to rise as it successfully bounced back from its newfound support at $55 (roughly Rs. 4,575),” Shubham Hooda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

Meanwhile, only a few cryptocurrencies recorded losses today. These include Polygon, Leo, Monero, Name and Augur.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss incurred from any investment based on any speculative recommendation, forecast or any other information contained in the article.

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