Over the past year, the cryptocurrency market has grown in popularity but continues to remain volatile. In a recent update to the cryptocurrency market trend, as of Friday, October 8, cryptocurrency prices continue to be in red. Bitcoin, one of the most-known cryptocurrencies available because it is the largest market capitalization, saw a minor dip in valuation, dropping by 2.18%. As we know, the crypto market is extremely sensitive, and often, there is no logic behind the dominance of cryptocurrencies.

Cryptocurrency prices on October 8

  • Bitcoin: $53,828.12
  • Ethereum: $3,573.37
  • Tether: $1.00
  • Cardano: $2.27
  • Binance Coin: $436.98  
  • XRP: $1.07
  • Polkadot: $33.39
  • USD Coin: $1.0
  • Dogecoin: $0.24
  • Litecoin: $178.97           

Shibu Inu’s latest burst of market value

Shiba Inu gained its popularity after a tweet from Tesla CEO and Dogecoin investor Elon Musk. The price of Shiba Inu had earlier skyrocketed in a very short period after Musk shared a picture of his new pet dog named ‘Floki’. On Monday, October 4, Musk tweeted yet another image of the pup with the caption ‘Floki Frunkpuppy’ which caused a sudden surge in the token’s prices. After publicly backing the currency, an anonymous buyer decided to purchase 6.3 trillion coins over a span of two days. The anonymous whale began his purchase on October 1 when he bought 6 trillion SHIB coins worth around $43,838,900. The buyer then purchased another 116 billion coins the next day, followed by transactions of 159 billion coins and 1 billion coins. This has not gone unnoticed and has attracted several investors, drastically inflating the value of SHIB coins.

How to buy cryptocurrencies?

As of now, investors can use several options to buy Bitcoin and other cryptocurrencies from a known crypto exchange like CoinBase, WazirX and BNS. If an investor is interested in buying cryptocurrency, then they must have or create an account on these exchange platforms selling this cryptocurrency. To start the account creation process, users will be required to submit basic details of the investor, such as their name and their bank account details. Platforms like CoinDesk, WazirX and Binance also need Pan Card verification processes to be completed before starting the trading online. Keep in mind that investing in cryptocurrency is risky because the prices fluctuate continuously, so invest after proper research.

Image: Unsplash

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