Bitcoin price today crossed $50,000 for the first time in four weeks. world’s largest cryptocurrency The market cap rose more than 5% to reach $50,312 on Tuesday.
The cryptocurrency fell below that level on September 7 amid widespread selling that day in shares of cryptocurrency and blockchain-related firms. It continued to decline in September, reaching a low of $40,596 on September 21.
Other cryptocurrency prices also rose with Ether, the coin tied to the Ethereum blockchain and the second largest crypto trading up 3% at $3,466. Cardano, Dogecoin and other digital tokens including XRP, Litecoin, Uniswap were also higher.
Data from digital asset manager CoinShares showed on Monday that crypto investment products and funds registered an influx for the seventh week in a row, as institutional investors warmed to more supportive statements from regulators.
Bitcoin recorded its third straight week of inflows. Meanwhile, Ethereum products and funds posted another week of inflows totaling $20 million, despite giving bitcoin market share in recent weeks. Flow in Ether, the token for the Ethereum blockchain, has amounted to $1 billion so far this year.
Another report showed that India, Vietnam and Pakistan are helping lead the expansion of cryptocurrency markets in Central and Southern Asia, according to Chainalysis. India’s market has grown 641% over the past year and Pakistan’s by 711%, a report by Chainalysis showed, using a metric that estimates the total cryptocurrencies acquired by a country.
(with inputs from agencies)
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