Cryptocurrency news: Solana climbs 4.9%; Polkadot gains 1.4%

Eight out of the top ten cryptocurrencies with were trading in green on Tuesday, with Solana surging 4.92% and Polkadot gaining 1.46% during the last 24 hours. he world’s biggest and the oldest cryptocurrency Bitcoin increased by 1.38% to $45,322.73-levels, while Ethereum the second-largest virtual token gained 1.05% to $3,305.85.

Cryptocurrency prices

*All prices as of 14th September 2021, at 9:40 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 73.63

Floki rises on the back of Elon Musk’s tweet

Cryptocurrency Floki has seen a record rise in prices in the last 24 hours, owing to Elon Musk’s tweet on his new pet Shiba Inu, with the caption “Floki has arrived”. According to CoinMarketCap, the crypto has traded at a high of $0.0000000005961, with a rise of 958.09%.

Floki Inu, another cryptocurrency whose value has gone up by 59.08% in the last 24 hours. The Tesla CEO is back to tweeting about cryptocurrencies, as this is not the first time he has sent crypto prices soaring.

Last month, the Space X CEO Shiba Inu had recorded a 16% incline, when it touched 0.00000790, moments after Musk tweeted that he was naming his new pet Floki.

Cryptos may revolutionise micropayments but will take time: Raghuram Rajan

Former RBI governor and economist Raghuram Rajan said that cryptocurrencies will continue to remain as speculative assets until developments and regulations emerge.

While speaking at a clubhouse interaction hosted by Sam Pitroda, he said that the technology is good but won’t act as a substitute for normal currency. However, he added that there will be a market as long as there are fans who trade them with each other.

Rajan said that the general conception of cryptocurrencies being more reliable than fiat currencies are more overstretched.