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Bitcoin Extend Gains On Investor Demand
By Laxmikant Khanvilkar
Prices of the leading cryptocurrencies continues to rise despite lingering regulatory concerns and macro economic environment remaining less conducive for risky assets.
However, the aftermath of three crypto-friendly banks- Silvergate Bank, Silicon Valley Bank, and Signature Bank- there’s a markable increase in institutional activity.
In the weeks since, the digital assets fund managers such as trusts and exchange-traded products (ETP) have added about 4,000 bitcoins, with holdings above 692,000 as of April 2, or nearly $20 billion worth at the current price just above $28,000.
As a result, price of Bitcoin, Ethereum and other Altcoins have gained substantially.
Bitcoin was last quoting at $28,470 level, up 2.6% while Ethereum was seen trading above 1,900.
The optimism derived from increased investor participation has led to an increase in global cryptocurrencies market capitalisation to the highest level since June 2022.
Over the last 24 hours, the global crypto market cap has increased by 1.77%, standing at $1.19 tn. The total crypto market volume has decreased by 14.62%, amounting to $42.02 bn. Of this, DeFi’s volume stands at $4.34 bn, representing 10.34% of the total crypto market volume. The volume of all stablecoins is now $37.01 bn, accounting for 88.09% of the total crypto market volume. Bitcoin’s dominance has decreased by 0.06%, bringing its current share of the total crypto market to 45.90%.
After adding nearly 25% during the first quarter of 2023, the rally in virtual digital assets (VDA) is expected to continue.
April has historically been a good month for Bitcoin. The prices of the most popular cryptocurrency has gained in six of the past 10 Aprils, returning 17% on average, according to data from Matrixport.
In other news, the peer-to-peer Bitcoin exchange Paxful has decided to suspended its operations while the Texas Bill limiting benefits for Crypto miners was adopted unanimously by the Committee.
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