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In terms of ranking, all the cryptocurrencies remained in the same position, with the exception of USD Coin which replaced Shiba Inu as the tenth largest cryptocurrency in the world.
Seven of the top ten cryptocurrencies were trading in the green on Monday with XRP adding 8.12% to $1.26, while the world’s oldest and largest cryptocurrency Bitcoin advanced 4.82% to $65,249.30.
The second-largest token Ethereum added 6.69% to $4,598.49. Dogecoin climbed 3.26% to $0.27. Similarly, Cardano rose 2.27% to $2.07 and Polkadot rose 1.12% to $52.59. Among other virtual currencies in the top-10 list, Solana dropped 3.83% to $244.63.
In terms of ranking, most cryptocurrencies retained their previous slots. However, USD Coin replaced Shiba Inu as the tenth largest cryptocurrency in the world.
Also, Cardano slipped to the sixth position, while Solana jumped to the fourth position.
Cryptocurrency prices
India may not take a tough stance on cryptocurrencies
As India finalises its legislation on crypto assets which is set to be introduced in the upcoming winter session in the parliament, an outright ban on cryptocurrencies is highly unlikely owing to the huge investments in such instruments by people. It might also not be considered as an legal tender as well.
According to a news report on The Economic Times, a middle path that balances the concerns of all stakeholders is more likely.
Recently, a detailed presentation was made before policymakers, including from the Ministry of Finance on the pros and cons, regulations adopted by other countries, investments made by Indians in digital currencies and Reserve Bank of India’s (RBI) stance on the issue.
Another presentation is set to happen in the near future which would finalise the taxation aspects emerging from the trading of digital currencies and after the legal vetting, it would go the cabinet, The publication said.
It also said that, policymakers in the government are of the view that the law should be drafted in a manner that could be executed effectively, taking into cognisance the technological developments happening in the digital space.
Back in August, Finance Minister Nirmala Sitharaman said that the government is not against cryptocurrency and will see how this technology can help fintech to maximise the potential it has.