Bitcoin Up 3.3%, Ethereum Jumps 10.2% As Cryptocurrencies Extend Gains
By Asmita Pant IST (Published)
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Bitcoin — the world’s largest and most popular virtual currency — climbed 3.25 percent to $20,473.2. Its market value stood at $390.9 billion. The trade volume was at $32.6 billion.
Major cryptocurrencies extended gains on Tuesday amid largely positive trends in domestic equities. The global crypto market cap stood at $995.7 billion with a volume of $67.62 billion in the past 24 hours.
Bitcoin — the world’s largest and most popular virtual currency — climbed 3.25 percent to $20,473.2. Its market value stood at $390.9 billion. The trade volume was at $32.6 billion.
Edul Patel, CEO and Co-Founder of Mudrex, said, “BTC has been affected by the US Federal Reserve’s comments and the upcoming Ethereum Merge. While on the other hand, the US dollar’s strength also added to the selling pressure.”
Patel said it might take some time for BTC to get back as it has not accumulated the power to make an upward move.
Ethererum or Ether — the second largest virtual currency — jumped 10.3 percent to $1,600.3 with a market capitalisation of $194.5 billion. The trade volume of Ethereum was $19.2 in the last 24 hours.
On Ethereum, Patel said, “Ethereum has been performing better than BTC over the past few months as the Merge draws closer. The price of ETH is expected to break out of the US$2,000 level before the Merge.”
Meme-based virtual currency Dogecoin was four percent up with a trading volume of $293.9 million. Shiba Inu was trading 6.4 percent higher at $0.000013 while Solana was 7.9 percent up at $11.5 billion.
The Indian financial market traded in the green on Tuesday. Nifty50 recorded the highest ever monthly close.