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Cryptos Continue Uptrend:Polkadot Up Over 30%, Ether Outperforms Bitcoin


After a brutal sell-off over the weekend, cryptos are now showing resilience with some of the cryptos gaining over 10 percent to 30 percent. At the time of writing this copy at around 4:21 pm (IST), the Coindesk's compiled top 20 cryptos traded in the green with Bitcoin up over 8 percent over the last 24 hours at $51.4k Meanwhile, other notable digital tokens too spurted in trade on December 7, 2021 with Polkadot seeing the most gains of over 30 percent.

Cryptos Continue Uptrend:Polkadot Up Over 30%, Ether Outperforms Bitcoin

Technicals suggest that bitcoin has been stabilizing above its 20-day average 2 days after its crash of almost 1/5th its value on macro-economic triggers and profit taking.

Furthermore, as per the data from infinite market cap, the market cap of the second biggest crypto-Ether has surpassed the m-cap of global banks including JP Morgan. Last the crypto traded higher by close to 12 percent with m-cap of $522,763,987,336. The simple reason for the outperformance of Ether in comparison to Bitcoin is what analysts have been hinting at for quite a while now-the real use cases of Ethereum blockchain shall render Ether to top the crypto space as the dominant cryptocurrency.

India-Upcoming new cryptocurrency bill

As per a Bloomberg report, the centre is mulling a proposal to declare a timeline to the crypto investing community in India to declare their crypto holdings and become compliant with the upcoming new regulations. As there is a view that the asset can be put under the financial asset category, SEBI will probably be overseeing and administering the asset class.

Story first published: Tuesday, December 7, 2021, 16:53 [IST]
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