Altcoins Pip Bitcoin; Ether Hit A Record High Helped By Huge Shiba Inu Activity

Business

oi-Roshni Agarwal

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Amid the volume gains in the crypto world, the market cap of crypto market has hit $2.63 trillion, gaining 1 percent over the previous day. On a daily basis, there is a drop in crypto volume of a huge 20 percent.

The biggest and most famous crypto Bitcoin is trading higher above $60K at $61,496 per token, while there is seen a mixed trend for other cryptos with Shiba Inu recording a good 162 percent gain in the past 7 days.

Altcoins Pip Bitcoin; Ether Hit A Record High Helped By Huge Shiba Inu Activity

Altcoins Pip Bitcoin; Ether Hit A Record High Helped By Huge Shiba Inu Activity

Of late, Bitcoin saw a massive rally on the launch of the Bitcoin ETF which is seen to attract a lot of investors to the investment avenue. And now, the token is being pipped by Altcoins. Ether falling next to bitcoin in market cap has hit a new all time high the previous day as the blockchain data revealed that smart contract blockchain Ethereum burned more tokens than it emitted in the last 24 hours, thanks to strong action in shiba inu (SHIB).

As per the Coindesk data, token of Ethereum blockchain topped levels of $4402. Coin burning in similar to stock buyback and involves removing tokens from circulation.
In October, Shib registered a stupendous rally of 800 percent and hit a high of $0.00008870.

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Story first published: Saturday, October 30, 2021, 17:49 [IST]



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