Ether also saw a low opening on Monday. The cryptocurrency based on the Ethereum blockchain is currently trading at Rs 2,59,219 (about $3,496) according to Gadgets 360 cryptocurrency price tracker – registering a drop of 2.16 percent.
The world’s second largest cryptocurrency has seen a drop in exchange prices for most of the past week. On Friday, October 1, the altcoin opened with another low – when it was trading at around Rs 2,36,255 (around $3,179). It is also pertinent to mention here that Ether has increased its overall value which was an increase of about $300 (approximately Rs.22 thousand) over the weekend.
Cardano, Tether, Ripple and Polkadot etc. recorded slight declines. Only a handful of cryptocurrencies opened the week with slight gains. These include EOS, Shiba Inu, Neo and Bitcoin SV etc.
Meanwhile, while China has declared crypto-activity a crime, countries like El Salvador, Miami, US are trying to strengthen the crypto sector. In this tussle, the crypto market kept going up and down in the month of September.
However, most countries are promoting discussions about the functions of these unregulated and decentralized crypto-assets.
For example, the US Federal Reserve is known to create a digital dollar, said a recent report by FullyCrypto.com.
Last week, Tesla CEO Elon Musk said that cryptocurrencies cannot be erased. It will be here forever. On the other hand, venture capitalist Chamath Palihapitiya said that bitcoin has essentially replaced gold in modern times.