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Cryptocurrency updates on Nov 8: Bitcoin above $65,000; Shiba Inu plunges

Cryptocurrency updates on Nov 8: Bitcoin above $65,000; Shiba Inu plunges

Cryptocurrency updates on Nov 8: Bitcoin above $65,000; Shiba Inu plunges
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By CNBCTV18.com Nov 8, 2021 9:56:38 AM IST (Published)

The cryptocurrency market is fairly in the green, with Bitcoin, the world's largest cryptocurrency, rising to $65,000. Ether, the number two digital coin, rose over 3 percent to record highs.

Bitcoin, the world's largest cryptocurrency, rose over 5 percent on Monday to $65,000, for the first time since October 20, having risen nearly 8 percent in the last seven days. It hit a record high of $67,000 on October 20.

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Meanwhile, Bitcoin's dominance in the market is decreasing. From 46 percent last month to 43 percent on Monday. As its dominance drops, experts believe the market's narrative is shifting to altcoins. As the week begins, tokens like Solana continue to grab the attention of traders.
Solana has surged to the number 4 position on the crypto table. Meaning, it is now the fourth-largest cryptocurrency by market cap. The coin has left behind the likes of Tether, Cardano, and Ripple XRP. While it has slipped 3 percent in the last 24 hours, it has surged over 20 percent in the past seven days.
Another coin surging to record high is Ether, the second-largest coin. It has jumped over 3 percent in the last 24 hours, rising to a record high of $4,700. The coin is up over 10 percent in the last seven days.
Binance Coin, the third-largest coin, is down over 2 percent in 24 hours, after rising over 22 percent in the previous week. Cardano has slipped to number 6 position on the top 10 coins table, but it has risen over 2 percent over the past day.
Ripple's XRP has also surged over 9 percent over the last 24 hours and over 15 percent over the last 7 days. Polkadot have also enjoyed a decent rally over the past 7 days, rising over 23 percent. 
Dogecoin is up nearly 3 percent Monday morning after registering a decline of 0.75 percent in the past few days. Shiba Inu, having fallen over 24 percent in the past seven days, has dropped to the 11th position.
A. Top 10 cryptocurrencies by market cap
CryptocurrencyCurrent market price24-hour change
Binance Coin$634-1.91%
USD Coin$10.01%
On Tuesday, the crypto market's total market cap rose over 3 percent to $2.84 trillion. Meanwhile, Bitcoin’s dominance in the market rose by over 0.7 percent to 43.35 percent.
B. Top crypto news updates
New York City mayor-elect wants Bitcoin paychecks
 New York City mayor-elect Eric Adams wants his first three paychecks in Bitcoin as he vowed to make the city more welcoming to the coin. His campaign spokesperson later clarified he plans to convert his pay into Bitcoin via an exchange.
FBI wants of scams using Crypto ATMs
FBI, the US law enforcement agency, says there has been a rise in frauds suing crypto automated teller machines (ATMs) and quick response codes (QR codes) to facilitate payments. The scammers are directing victims to use physical crypto ATMs to complete payment transactions, it said.
Stan Druckenmiller warns crypto, bonds are in bubble
Billionaire Stan Druckenmiller has warned that everything, including cryptocurrency, meme stocks, equities, and bonds are in a bubble. This bubble is on every asset of the planet, he said.
House passes $1T infrastructure bill with crypto tax
The US House of Representatives passed a $1 trillion infrastructure bill with crypto tax reporting for all citizens. The bill awaits the approval of President Joe Biden.
C. Top trending coins
CryptocurrencyCurrent market price24-hour change
Taboo Token$0.0395350%
Shiba Inu$0.0000547-5%
D. Top 3 gainers
CryptocurrencyCurrent market price24-hour gain
Hero Essence$1.81505%
E. Top 3 losers
CryptocurrencyCurrent market price24-hour loss
Meta Cat$0.00000262-50%
(Data is sourced from coinmarketcap.com)
(With inputs from agencies)
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