The cryptocurrency market remained bullish for the second straight day on Friday, with the market capitalisation gaining 1.7 percent to breach the $2.5 trillion mark for the first time ever to reach $2.53 trillion as of 1215 hours GMT.
Bitcoin, the largest cryptocurrency, continued rallying and jumped 2.76 percent to reach $59,320. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 1.117 trillion. Similarly, ether (ETH) price gained 0.46 percent to reach $3,771. With this increase in price, the market capitalisation of ETH has reached $442.6 billion.
On the other hand, XRP price shed 2.02 percent to reach $1.11. The market capitalisation of XRP stands at $111.4 billion after this decrease. Likewise, cardano (ADA) price shed 1.88 percent to reach $2.15. Its market capitalisation has decreased to $69.7 billion after this fall in price.
Similarly, dogecoin (Doge) price went down by 3.79 percent to reach $0.228. With this decrease in price, the market capitalisation of doge has reached $30 billion. The world’s most popular cryptocurrency, bitcoin, has soared to its highest level since May, propelled by traders’ optimism about a US approval of the first bitcoin futures exchange-traded fund (ETF). Earlier in the day, bitcoin soared to $59,920 per coin, smashing a five-month high.
Market analysts said that traders are optimistic about the US Securities and Exchange Commission (SEC) authorising the first bitcoin ETF. They view the possible approval as a landmark for the crypto industry, which has been longing to be accepted by Wall Street with its mainstream investors. The ProShares Bitcoin Strategy ETF is scheduled to debut at the New York Stock Exchange next Tuesday. Experts say the SEC is unlikely to ban the product, but some warn that if that happens, bitcoin could plunge.
The writer heads a leading news wire service ‘The Law Today Pakistan’ commonly known as TLTP. He has a special focus on news relating to superior courts adjudication, access to right of information, civil, political, social and economic rights under the approach that existing cyber regime realization ensures procedural fairness in administrative law. He can be reached at editor@tltpnews.com
