November 1st Technical Analysis: Bitcoin, Ethereum, Dogecoin & Shiba Inu
Bitcoin, ether plunge while dogecoin, Shiba Inu surge 5%.
- Ether prices surged to record high during the weekend after after a successful upgrade of the system last week
Cryptocurrency prices today were trading mixed with the world’s largest cryptocurrency by market capitalization trading marginally lower. Bitcoin prices today were down 0.9% at $61,693. It is up 112% this year so far after hitting a record high of near $67,000 in October.
Ether, the coin linked to ethereum blockchain and the second largest crypto, declined over 1% to $4,312. Cardano prices surged more than a per cent $1.97 whereas dogecoin was up 5% to $0.27. Other digital tokens like XRP, Solana, Stellar, Uniswap were also trading with gains over the last 24 hours. Shiba Inu, that has been on a record rally since the past few sessions, was up over 5% to $0.000069, as per CoinDesk.
Ether prices climbed to record high during the weekend. Its latest milestone comes as the digital token has far outperformed Bitcoin throughout this year with a sixfold increase amid crypto’s decentralized boom.
Ether underpins the affiliated Ethereum Network, the dominant blockchain used for thousands of decentralized applications. The system got a further boost last week after a successful upgrade designed to make it faster and more energy-efficient.
Bitcoin has more than quadrupled in the past year and reached a record near $67,000 last month amid optimism around the debut of Bitcoin futures-backed exchange-traded funds in the US, and waning concerns about issues like China’s crackdown on the digital-asset space.
Meanwhile, Digital asset investment products or crypto funds were in demand as assets under management grew across the board in October, with total AUM reaching $74.7 billion (till 21 October, surpassing the previous all-time high of $58.7 billion in March, according to a report by digital asset data provider CryptoCompare.
The AUM included all-time highs for individual asset products such as $55.2 billion for bitcoin products (52.2% increase) and $15.9 billion for ethereum products (30.0% increase).