Crypto Price Today: Bitcoin holds $20K; Shiba Inu & Cardano tank up to 5%

New Delhi: Major crypto tokens slipped on Friday on some profit booking after a strong rally in the last few days.

Bitcoin was above the $20,000 level, whereas Ethereum managed to hold $1,500. The US economy rose 2.6% in the third quarter, higher than expected growth of 2%.

Barring the Uniswap and the US dollar-pegged Tether, all othe
r top crypto tokens were trading lower. Cardano and Shiba Inu plunged 5% each, followed by Ethereum and Polygon, which shed 3% each.

The global cryptocurrency market cap breached below the $1 trillion mark to $980.18 billion, after dropping more than 2% in the last 24 hours. However, the total trading volume tanked as much as 13% to $89.23 billion.

What’s cooking in India

Crypto staking platform UniFarm has entered into a strategic alliance with Bengaluru-based ONMETA. The partnership is aimed at empowering Indian users with Indian currency-based purchase of tokens for staking to earn passive income.

Expert take

Edul Patel, CEO and co-founder of Mudrex, said Shiba Inu coin has reached a significant milestone in terms of the percentage of long-term holders. Currently, it jumped to the highest value of 38%.

“Long-term SHIB holders have grown far more since the beginning of 2022, from barely 1% to over 38% of holders,” he said. “The percentage of short-term holders remains relatively steady and midterm speculators continue to decline,” he added.

Global Updates

Hong Kong plans to legalize retail trading of cryptos as it looks to become a crypto hub, according to a Bloomberg report. Crypto platforms will be required to apply for a license to offer retail trading.

Tech giant Google will be launching a cloud-based node engine for Ethereum projects. The company said its Google Cloud Blockchain Node Engine means that it will be responsible for monitoring node activity and restarting them during outages.

Nearly 12% of all BEP-20 tokens, the standard token on the BNB chain, are tied to scams, according to recently released research from crypto risk monitoring firm Solidus Labs.

Tech view by BuyUcoin cryptocurrency exchange

DOGE surged 35% on Twitter deal. The most popular meme coin, DOGE, has witnessed a mega rally since Monday as Elon Musk’s Twitter deal neared finalization. Elon Musk has been a staunch supporter of DOGE and his tweets often move the prices of meme coins in a significant way.

The jump in DOGE prices is mainly linked to the positive news circulation but lacks fundamental backing so investors should buy the coin as per their risk appetite with a long-term perspective. DOGE was originally designed as a payment mechanism and its growth will depend on real-world use cases, the experts suggested.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)