Business
oi-Sneha Kulkarni
Bitcoin’s price soared beyond $67k before settling just below the previous all-time high of October 20, 2021. The principal cryptocurrency just took off, and as of writing these lines, the BTC price has been above $67.8K, setting a new all-time high.
Since the beginning of October, the markets have been in bull mode, with the crypto market adding roughly $1 trillion to its total value in just a month.
This comes just a day after the total cryptocurrency market cap surpassed $3 trillion for the first time, with Bitcoin accounting for 43.6 percent of that total.
Ethereum, the second-largest cryptocurrency by market capitalization, is also breaking new highs. According to CoinGecko, it presently trades for over $4800 per ETH, accounting for over half of Bitcoin’s total market cap.
BNB has been one of the strongest performers since the beginning of the week, with a 7-day gain of 20%.
Cardano up 3%, Ripple up 8%, Dogecoin up 9%, and Chainlink up 4.5% have all seen significant gains. Nonetheless, with an increase of 11.5 percent, Avalanche is the most notable gainer. As a result, AVAX has established a new ATH of $95.
“The past 24 hours saw multiple record highs set – bitcoin at $67,500, ethereum at $4,820, and the total market capitalisation of crypto at $3 trillion. The strong market optimism comes as institutional interest in crypto grows, with the likes of MasterCard launching Crypto-linked payment cards in Asia Pacific, and Facebook entering the Metaverse space. Coupled with an environment of low interest rates and steady monetary support, we believe the current price rally is sustainable, and remain optimistic of a $4 trillion market cap within the next 2 quarters,” CoinDCX Research Team.
Netero Dai, Asia CEO, OKEx, said,” As we speak, the crypto market cap has hit the $3 trillion mark for the first time in history. The Bitcoin and Ether impressive rally has been a major factor in driving the overall growth of crypto assets around the globe. Inflation is the biggest enemy of investments and crypto assets provide a strong hedge against inflation, institutional and retail investors have now realized that crypto as an asset class is the only way to create sustainable, long-term wealth which is not limited by traditional growth markets of the world. The much-expected Bitcoin upgrade aka Taproot upgrade will bring in a more efficient system and is expected to further boost the confidence of new and old investors.”
BlockFi, a centralised cryptocurrency exchange and lending platform, is the next in line to petition for a Bitcoin ETF with the Securities and Exchange Commission. However, rather than futures contracts, this ETF will be backed by real Bitcoin holdings.
Mastercard announced Monday that it has forged partnerships with digital asset service providers Amber Group, Bitkub, and CoinJar to enable consumers and businesses in Asia Pacific to receive crypto-linked Mastercard credit, debit, and prepaid cards.
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