Cryptocurrency update: Bitcoin, Ether decline in value but Shibu Ina witnesses record rise

Cryptocurrency prices stayed in the red on the morning of Thursday, 28 October. While the market volume rose 58.99 percent in the last 24 hours to reach $180.02 billion, the global crypto market cap fell by 4.49 percent to $2.46 trillion. The price of Bitcoin saw a decline of 3.88 percent in the last 24 hours, falling to $ 58,813,88 by 10.30 am on 28 October. The cryptocurrency had fallen to its lowest level in the last week and a half, after a record high of 12 percent in its prices. According to news reports, the losses are due to traders taking profit from its recent rally, as the currency is on its best performance in eight months, with a gain of 35 percent in October 2021. In terms of other cryptocurrencies, Shiba Inu coin saw a rise of 45.26 percent till 10.30 am on 28 October, rising to $0.00007698. With a market value of about $40 billion, it is the ninth biggest crypto in the market. While the currency witnessed a slump after Tesla CEO Elon Musk tweeted that he did not own the currency, the growing clamour for Robinhood Markets to include Shibu Ina to its platform has resulted in record highs for the currency, according to LiveMint. The currency has registered a gain of 161.72 percent in value over the past seven days. Ethereum saw a decline of 6.72 percent in the last 24 hours, falling to $3,998.77. Meanwhile, Cardano saw a fall of 10.87 percent in 24 hours, falling to $ 1.92 while Solana fell by 8.10 percent to $188.06 in the last 24 hours. Dogecoin also saw losses of over 8 percent, falling by 8.10 percent to $ 0.2404 in the last 24 hours. Binance Coin also fell by 5.81 percent to $455.96, marking a decline of 7.86 percent in the currency’s value over the last seven days. Tether rose by 0.04 percent in the past 24 hours to end at $1.00.