Bitcoin scale past $35K
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), have clawed back gains and are quoting higher in the past 24-hours, as experts are seeing the spot Bitcoin exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC) as a near certainty, which could unleash a wave of fresh demand for the asset.
Price of Bitcoin (BTC), the largest cryptocurrency by market capitalisation, reclaimed $34,000 mark.
It is currently resting at $34,559.69 up 2.11%.
Ethereum (ETH), the second largest crypto in market value, rose 0.22% at $1,789.06.
Analysts have said that BTC has the ETF and safe haven narratives as tailwinds, while ETH has regulatory chill and upgrade uncertainty as headwinds.
Interestingly, bitcoin prices have doubled this year which has also resulted in its market dominance reaching at 30 month high.
BTC’s price jumped 32% over the past month, while ETH advanced only 12%, and its relative value against BTC is at the brink of levels not seen since May 2021.
Most large-cap alternative cryptocurrencies traded firm as well, benefiting from the rally in bitcoin.
The global crypto market cap increased 1.34% to $1.27 tn, over the last 24-hours. On the other hand, the total crypto market volume decreased 37.20% to $51.46 bn. The total volume in DeFi is currently $4.83 bn and all stablecoins $46.33 bn, representing 9.38% and 90.03% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.32%, an increase of 0.29% over the day.
IC15 index, the barometer of top fifteen tokens, rose 1.92% to 42,428.37.
Meanwhile, creditors of the hobbled crypto exchange coinFLEX have decided to file a suit against its CEO Mark Lamb for breach of his fiduciary duties at the exchange when he created a new company, OPNX, with the founders of failed crypto hedge fund Three Arrows Capita. They are also critical of a deal Lamb struck with early BTC evangelist Roger Ver.
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