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Cryptocurrency news today: Cryptos index turns green; Bitcoin trading above Rs 49 lakh

Cryptocurrencies are trading in the green on November 7. Bitcoin are trading above Rs 49 lakh with a dominance of 42.58%.

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New Delhi: Cryptocurrencies are trading in the green on November 7. The global market capitalisation is at $2.74 trillion, witnessing a 1.34% increase over the last day. The total crypto market volume amounted to $97.76 billion, resulting in a decrease of 13.23% over the last 24 hours.

Currently, the total volume in DeFi is $11.71 billion, marking 11.97% of the total cryptocurrency market 24-hour volume. Besides, the volume of all stable coins is currently trading at $75.65 billion, resulting in 77.38% of the total crypto market 24-hour volume.

Bitcoin

Today’s Bitcoin is trading above Rs 49 lakh with a dominance of 42.58%, resulting in an increase of 0.8% over the day.

This is followed after Christopher Wood, the global head of equity strategy at Jefferies Group reduced exposure to gold in his Asia ex-Japan portfolio by 5% in favour of Bitcoin. The move is regarded as crypto is a better option when hedging against inflation.

Jefferies for the first time has cut exposure to gold and added to the Bitcoin that already has 5% allocated to it in December 2020. The extra 5% worth nearly $22,000 a followed after Wood said in April that he was, “extremely bullish” on the crypto due to monetary easing and it was regarded as an “investable for institutions.”

Christopher Wood

Wood said to his investors that he is not giving up gold now but, “it is risky for ageing gold bugs to ignore the reality that Bitcoin is a competitor to gold as a store of value.”

Regarding Ethereum, Wood stated that it is not a store of value asset, but it may continue to surpass Bitcoin in the coming months.

On the other hand, as more number of Indians are joining the non-fungible tokens (NFTs) gold rush, experts and analysts warn about legal pitfalls and uncertainties in near future.

NFTs have popularised globally as a commodity and celebrities all across the world are jumping to cash in on the boom. Besides, Indian celebrities and sportspersons are rushing to launch digital memorabilia through NFTs.

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