Cryptocurrency prices in India: Bitcoin rises 3.39%; check other crypto rates on Oct 14

On October 14, cryptocurrency values remained primarily in the green. With a major surge in crypto prices, Bitcoin and Ether led the charge with the maximum price. While Bitcoin's price is currently Rs 45,05,381, its market cap stands at Rs 78.3T.

Apart from Bitcoin, other cryptocurrency prices also rose on Thursday, with Ether, Dogecoin, Litecoin, Ripple, XRP, and Cardano. Bitcoin, the world's largest cryptocurrency, was trading at Rs 45,05,381, after gaining nearly 3.39% in the last 24 hours. Meanwhile, Ether was trading at Rs 2,84,863, after rising from Rs 2,73,351 which is its previous day's pricing. Furthermore, some other strong investment options are Dogecoin which is trading at Rs 18.53 with a rise of 4.40% in the past 24 hours. 

Cryptocurrency prices at 2:30 pm today as per CoinSwitch: 

• Bitcoin

Price: Rs 45,05,381

Market Cap: Rs 78.3T

• Ether

Price: Rs 3,84,863

Market Cap: Rs 30.7T

• Dogecoin

Price: Rs 18.53

Market Cap: Rs 2.2T

• Litecoin

Price: Rs 14,111

Market Cap: Rs 894.1B

• XRP

Price: Rs 88.23

Market Cap: Rs 3.8T

• Cardano

Price: Rs 170.45

Market Cap: Rs 5.2T

Cardano: A cryptocurrency on the rise by Ethereum's founder

Cardano (ADA) is a decentralised, open-source blockchain with a proof-of-stake consensus algorithm. Charles Hoskinson, the co-founder of Ethereum, announced it as a blockchain that outperforms Ethereum's proof of work (PoW) method. Ethereum, a second-generation blockchain, was created in response to the scalability concerns that plagued Bitcoin, a first-generation blockchain. Aside from completing financial transactions, Ethereum provides a higher level of programmability to its users. It gives developers access to the Ethereum blockchain, allowing them to experiment with code and create decentralised apps (DApps). Hoskinson departed Ethereum after a disagreement with Vitalik Buterin, another co-founder, over Hoskinson's desire to turn Ethereum into a for-profit corporation, which Buterin refused to agree to. As a result, Cardano is classified as one of the 'Ethereum-killers,' a group of third-generation blockchains that aim to outperform Ethereum.

Meanwhile, the American investment banking firm, JP Morgan Chase, talking about Bitcoin, said that the cryptocurrency, which is continually growing in valuation, is being seen by investors as a better hedge against inflation than gold.

Investors had earlier stated that the cryptocurrency promises quicker returns than gold and was easily storable for a future value. However, Bitcoin remains highly volatile as it is still part of an unregulated market. 

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