ISLAMABAD
The cryptocurrency market remained bullish on Friday after a US judge ruled in favour of cryptocurrency Ripple a day earlier, with the market cap gaining 5 percent to reach $1.3 trillion.
As of 1210 hours GMT, Bitcoin, the world’s oldest and most valued cryptocurrency, jumped to $31,203 with an increase of 2.1 percent in the last 24 hours. The market capitalisation of the biggest crypto has reached $606.4 billion with this increase. Bitcoin has been 3.5 percent up in the past seven days.
Following a favourable federal court decision for Ripple, Bitcoin witnessed a surge, reaching a one-year high above the $31,700 level. Although BTC has stabilised since then, it is currently trading at the $31,200 level. The month-to-date performance of Bitcoin has resulted in a 3.5 percent gain, while the year-to-date increase is around 90 percent.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, jumped 5.7 percent to reach $1,992. With this increase in price, the market capitalisation of ETH has reached $239.5 billion. ETH has been 7 percent up in the past seven days.
Remarkably, Ripple (XRP) surpassed BNB to take the place of the third largest cryptocurrency (excluding stablecoins), with a market capitalisation of over $42 billion.
XRP price increased by 68.4 percent to reach $0.798. The market capitalisation of XRP stands at $42.04 billion with this increase. XRP has gained 71.6 percent of its value during the last seven days.
The US judge ruled that the coin is not “security on its face” in a Securities and Exchange Commission (SEC) case. In a major win for the crypto world, the US judge has dismissed the claim that Ripple Labs Inc violated federal securities law by selling its XRP token on public exchanges, providing a huge relief to the millions of XRP holders and a vindication for not just the vision of Ripple Labs, but the whole industry. The judge also ruled that institutional sales of XRP by Ripple were securities.
Likewise, Binance Coin (BNB) price increased 3.5 percent to reach $255. With this increase in price, the market capitalisation of BNB has reached $39.8 billion. BNB has gained 9.1 percent of its value during the last seven days.
Following suit, Cardano (ADA) price jumped 20.9 percent to reach $0.349. Its market capitalisation has reached $12.28 billion with this increase. ADA has gained 24.1 percent of its value in the past seven days.
Other popular altcoins including Dogecoin (DOGE), Litecoin (LTC) and Solana (SOL) managed to grow by leaps and bounds as well.
