Bitcoin Rises Above $30.3K On Investor Enthusiasm
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have once again started to move towards lofty levels, over the last 24-hours, on perky investor sentiment. The optimism about spot bitcoin ETF filings by BlackRock and other financial services giants in mid June and other mildly crypto-friendly events during the month are once again fuelling the rally in crypto markets.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, made a dash towards $31,000 mark, adding nearly 2% in over an hour. The oldest cryptocurrency was recently trading at $30,365.99, up 0.87%. It had scaled to 13-month peak, above $31,500 last week after the multiple spot bitcoin ETF filings boosted investor optimism.
Ethereum, the second largest cryptocurrency, was in striking distance of $1,900 mark. It last quoted 1.93% higher at $1,891.38.
Other major cryptos turned from red to increase or jumped more squarely into positive territory with MATIC and ADA, the tokens of the smart contracts platforms Polygon and Cardano, rising more than 6% and 2%, respectively. BNB, the native crypto of the Binance exchange recently rose over 4%.
The global crypto market cap increased 1.17% to $1.19 tn, over the last 24-hours. Simultaneously, the total crypto market volume surged 55.54% to $32.63 bn. The total volume in DeFi is currently $2.07 bn and all stablecoins is now $30.58 bn, representing 6.31% and 93.74% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.88%, a decrease of 0.12% over the day.
IC15 index, the barometer of top fifteen tokens, gained 0.72% to 40,275.
Meanwhile, a report by British multinational bank, Standard Chartered Bank, early Wednesday (ET) said that bitcoin could hit $50,000 by year’s end and over $120,000 by the close of 2024.
Analysts have also noted that the investors are slowly warming to the possible approval of the Congressional Digital Assets Market Structure and Investor Protection Act, which would establish whether a digital asset is decentralized.
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