In cryptocurrencies, Bitcoin’s rally continued as the digital token was trading at $47,550, up over a per cent. The world’s largest and most popular cryptocurrency is up about 3% in 2022 (year-to-date or YTD) so far. It is about 30% far away from its record high of near $69,000 it had hit in November last year.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also gained more than 2% to $3,388. However, dogecoin price slipped over 1% to $0.14 whereas Shiba Inu was trading over 5% higher at $0.000027.
The performance of other digital tokens also improved mixed as Polygon, Litecoin, Stellar, Terra, Solana, Cardano, Uniswap surged over the last 24 hours. Meanwhile, the global cryptocurrency market capitalisation was above the $2 trillion mark at $2.23 trillion, more than 2% change in the last 24 hours, as per CoinGecko.
Bitcoin and other cryptocurrencies had been, up until the last few weeks, mired in a similar downtrend like US stocks. But a weekend break above $45,000, helped garner momentum for a bigger breakout. The coin has added 17% over the past week.
“Bitcoin hitting its 3-month high, signals an expected and much awaited market recovery. With a number of countries indicating plans for positive regulation around crypto, investor sentiment seems to be surging, resulting in some of the highest 24 hour trading volumes we’ve seen in the last quarter. Many experts consider this to be the beginning of a strong bull market, however, time will tell to what extent they are right,” said Raj Karkara, COO, ZebPay.
(With inputs from agencies)
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