ISLAMABAD: The cryptocurrency market consolidated gains driven by the applications of major financial institutions for spot Bitcoin ETF licences on Sunday, with the market cap gaining 0.7 percent to reach $1.24 trillion. As of 1105 hours GMT, Bitcoin (BTC), the world’s most valued token, inched up to $30,706 with an increase of 0.4 percent in the last 24 hours. The market capitalisation of the biggest crypto has reached $596 billion with this increase. Bitcoin has been 15.9 percent up in the past seven days. TLTP
Bitcoin hit a more than one-year high on Friday, capping a week of gains helped in part by BlackRock’s plans to create a bitcoin exchange-traded fund (ETF) despite heightened US regulatory scrutiny on the digital asset sector. BlackRock, the world’s biggest asset manager, filed last week to launch iShares Bitcoin Trust, an ETF that would have Coinbase Custody as its custodian as well as offer institutional investors exposure to the cryptocurrency.
Crypto exchange EDX Markets, backed by investment firms Charles Schwab, Fidelity and Citadel Securities, also announced earlier this week that it will allow trading on some cryptocurrencies. The moves have revived investor interest in cryptocurrencies, which have been in the doldrums after a series of crypto company meltdowns including the sudden collapse of exchange FTX late last year.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, gained 1.7 percent to reach $1,920. With this increase in price, the market capitalisation of ETH has reached $230.7 billion. ETH has been 11.1 percent up in the past seven days.
However, Binance Coin (BNB) price decreased by 1.7 percent to reach $241. With this decrease in price, the market capitalisation of BNB has reached $37.5 billion. BNB has shed 2.1 percent of its value during the last seven days.
On the other hand, Ripple (XRP) price surged 0.5 percent to reach $0.493. The market capitalisation of XRP stands at $25.8 billion with this increase. XRP has gained 1.9 percent of its value during the last seven days.
Similarly, Cardano (ADA) price edged up 2 percent to reach $0.301. Its market capitalisation has reached $10.557 billion with this increase. ADA has gained 12.9 percent of its value in the past seven days.
Other popular altcoins including Dogecoin (DOGE) and Litecoin (LTC) landed in the negative as overall prices saw minor losses across the board. Compound (COMP) emerged to be the biggest gainer, seeing a 24-hour jump of over 34.55 percent. Render Token (RNDR), on the other hand, turned out to be the biggest loser.
