AUS
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Highlights
- Bitcoin has been on a high throughout this month and today, it was trading at US $54,412.76.
- Bitcoin was up by 8.26% in in the last 24 hours and 24.82% in the seven-day period.
- Shiba Inu, Dogecoin and Ethereum were among the top gainers registering gains by 47.66%, 6.36% and 2.54%, respectively.
The leading cryptocurrency, Bitcoin has had a phenomenal Wednesday, going past its three-months high of US $53,000 to breach the US $54,000 mark. For the second consecutive day, Bitcoin has enjoyed market confidence, overcoming Tuesday’s high of US $52,000.
The market too bounced after the US Securities and Exchange Commission chairman Gary Gensler’s announcement that the US government doesn’t intend to ban Bitcoin. Riding high on the news, all the major cryptos have been seeing a rise with many market experts predicting a major surge, especially in the prices of Bitcoin.
Also read: US Crypto Ban: Gary Gensler puts the ball in Congress’ court
Bitcoin has seen a rally throughout this month and today, it was trading at US $54,412.76, according to CoinMarketCap. At the time of writing (2:51 pm), Bitcoin was up by 8.26% in the last 24 hours and 24.82% in the seven-day period. Volume wise too, Bitcoin was up by 17.51% with a live trading volume of US $47,538,966,133 with a live market cap of US $1,024,942,499,005.
This makes Bitcoin the sixth most valued assets in the world, where Apple Inc holds the first spot. Others in the list are Amazon, Google, Saudi Aramco, and Microsoft.
Also read: What makes ColdStack crypto a potential investment opportunity?
Shiba, Doge, Ethereum among top gainers
Bitcoin’s market performance coincides with other cryptos as well. Shiba Inu which also witnessed a great Tuesday, Shiba Inu broke into the top 20 biggest cryptocurrencies by market capitalisation. Shiba on Wednesday was trading at US $0.00002299 with a 24-hour trading volume of US $14,957,604,818. Shiba which has received a huge bump yesterday, following the Tesla CEO Elon Musk’s tweet of a photo of the newest member in his family, a pet, Floki, the Shiba Inu puppy, sitting on a Tesla was up by 47.66% on Wednesday.
Ethereum too continued its strong rally for the second consecutive day and was trading at US $3,519.27 registering gains of 2.54%, Dogecoin was trading at US $0.2578 registering gains of 6.36% respectively.
Conclusion
With the news that the US may not ban cryptocurrencies, the market is seeing new highs every day. Just like Gensler, US Federal Reserve Chairman Jerome Powell too said that the government has no plans to ban Bitcoin and other cryptocurrencies now or any time in the near future.
Market experts believe with the current rally, this could push Bitcoin to new highs and by the end of the year, we may see the world’s largest cryptocurrency go beyond US $65,000, which it witnessed in April. As for investors, most will be keeping their fingers crossed for some breakthrough at last.
