ISLAMABAD: The cryptocurrency market extended previous day’s gains on Sunday, with the market capitalization gaining 0.9 percent to reach $1.75 trillion. As of 1130 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, inched up by 0.2 percent in the last 24 hours to reach $43,624. The market capitalization of the biggest crypto has reached $854.2 billion with this increase. Bitcoin has been 4 percent up in the past seven days. Earlier in the day, BTC surged past the $44,000 level, propelled by discussions on Bitcoin ETFs involving BlackRock, Nasdaq, and the SEC. TLTP
Displaying a substantial 16 percent gain this month and an impressive 165 percent surge year-to-date, the market is upbeat following Argentina’s formal adoption of Bitcoin as its official currency. El Salvador’s recent law offering citizenship to foreign Bitcoin investors further contributes to the positive sentiment. BTC faces resistance at $44,300 and finds support at $43,500. The prevailing optimism in the market suggests that Bitcoin may soon reach the $48,000 level if the current momentum persists.
However, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, gained 0.2 percent to reach $2,289. With this increase in price, the market capitalization of ETH has reached $275.1 billion. ETH has gained 3.3 percent of its value during the last seven days.
On the other hand, Solana continued its rally and its price jumped 15.5 percent to reach $109.69. With this increase in price, its market capitalization has reached $47 billion. SOL has gained 50.8 percent of its value during the last seven days. Now Solana is the third biggest crypto after BTC and ETH in terms of market capitalization, snatching the slot from Binance Coin.
On the other hand, Binance Coin (BNB) price inched up by 0.1 percent to reach $268. The market capitalization of BNB has reached $41.2 billion with this increase. BNB has gained 10.7 percent of its value during the last seven days.
On the other hand, the price of Ripple (XRP) increased by 0.6 percent to reach $0.618. The market capitalization of XRP stands at $33.4 billion with this increase. XRP has gained 0.2 percent of its value during the last seven days.
Popular altcoins including Litecoin (LTC), Dogecoin (DOGE) and Cardano (ADA) landed in the greens across the board.
