The prices of top cryptocurrencies tumbled down today after touching new highs on November 9. Prices of the world’s biggest cryptocurrency Bitcoin (BTC) fell from $68,290 to $66,519.53, while the market value of Ethereum (ETH), the second-biggest cryptocurrency, fell from $4,807 to $4,684.30 at the time of filing the report on November 10, according to data from cryptocurrency exchange Coinmarketcap.com.
Meanwhile, in an interesting development, Apple CEO Tim Cook said at the New York Times' DealBook online conference that he owns cryptocurrency, according to media reports.
Bitcoin has witnessed a fall of 2.53 per cent in the last 24 hours, while ETH has plunged of 2.40 per cent over the same period.
Binance Coin (BNB) remains in the third position with a market price of $629.49. It witnessed 3.02 per cent fall in the last 24 hours. Cardano replaced Solana (SOL) at the fourth position and was trading at $2.22, with 2.15 per cent growth in the last 24 hours. Solana has slipped to the sixth place; it fell by 4.12 per cent in the last 24 hours with a market price of $236.24, according to Coinmarketcap.com.
Meme coin Shiba Inu (SHIB) witnessed a fall of 4.64 per cent in prices in the last 24 hours and witnessed a setback, while Dogecoin (DOGE) has recorded 5.29 per cent fall in the last 24 hours. Shiba Inu was trading at $0.00005371 and Dogecoin at $0.2691 at the time of filing the report, according to data from Coinmarketcap.com.
“The Lorde Edge Coin faced a spike after Elon Musk's Twitter name change. However, at the same time, the Squid game tokens turned out to be a scam. Meme coins are not meant for everyone, and usually, there are many red flags to such coins, the hype is bound to die down and investors need to enjoy it while it lasts,” says Gaurav Dahake, CEO and founder, Bitbns.
Top NFT Collections
With a volume of 114.03 SOL, PixTapes remains at the top of the NFT (non-fungible token) collections list and has witnessed fall of 51.73 per cent in the last 24 hours, as per Coinmarketcap.com.
Solchicks recorded a volume of 30.16 SOL and has grown by 415.56 per cent in the last 24 hours. WipeMyAss NFT is at the third position in the list with a volume of 23.46 SOL. Moreover, Crypto Idolz witnessed 132.53 per cent rise with a volume of 22.09 SOL in the last 24 hours.
It is likely that digital currencies that major central banks across the world are planning may become legal tenders in their jurisdictions, according to officials studying such initiatives, reported Bloomberg.
“The Indian government has hinted that cryptocurrencies may be classified as digital assets but not legal tender. Nevertheless, this is a huge step to the mass adoption of crypto in India,” says Dahake.
According to a report by the Economic Times, crypto exchanges are lobbying for a definition of different types of crypto assets, while the government looks to table a Cryptocurrency Bill in the budget session.