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

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

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

With the exception of Uniswap and the US dollar-pegged Tether, everything else
r top crypto tokens traded lower. Cardano and Shiba Inu plunged 5% each, followed by Ethereum and Polygon, which lost 3% each.

The global cryptocurrency market capitalization broke below $1 trillion at $980.18 billion, after falling more than 2% in the past 24 hours. However, total trading volume fell as much as 13% to $89.23 billion.

What is cooking in India

Crypto betting 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 efforts to earn passive income.

Expert take

Edul Patel, managing director and co-founder of Mudrex, said the Shiba Inu coin has reached a significant milestone in terms of the proportion of long-term owners. At the moment, it jumped to the highest value of 38%.

“Long-term SHIB holders have grown far more since the start of 2022, from barely 1% to over 38% of holders,” he said. “The percentage of short-term holders remains relatively stable and intermediate-term 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 launch a cloud-based node engine for Ethereum projects. The company said the Google Cloud Blockchain Node Engine means it will be responsible for monitoring node activity and restarting them during power outages.

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

Technical view of BuyUcoin cryptocurrency exchange

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

The jump in DOGE prices is mainly related to the positive news circulation, but lacks fundamental support, so investors should buy the coin according to 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 advisor before taking any position in the asset(s) mentioned.)