New Delhi: Following China’s ban on cryptocurrency transactions and mining, the crypto market underwent major instability. However, it’s now again gathering momentum. For the first time after a month, Bitcoin, world’s most-valued cryptocurrency surged above the $50,000 mark on Tuesday. The market capitalisation has now gone over 5% to reach $50,312.
The cryptocurrency underwent a downfall on September 7 amid the selloff in shares and blockchain-related in firms on the respective day. The downfall continued through September, hitting as low as $40,596 on September 21.
Apart from Bitcoin, the prices of ether, the coin associated with Ethereum blockchain and known to be the second-largest crypto was trading at $3,466 and was up by 3%. Most of the crypto was trading in green. Cardano, dogecoin, and other digital tokens such as XRP, Litecoin, Uniswap are also priced higher.
“The new week began with a bullish momentum for the cryptocurrency market. Over the past 24 hours, most of the top cryptos had a stable session. With the total traded volumes shooting steadily higher, stability is definitely a positive sign for the market,” said Edul Patel , CEO, and Co-founder of Mudrex, founder of the crypto-investment platform.
There were inflows on cryptocurrency investment products and funds for the continuous seventh week, given the institutional investors warmed to more supportive statements from regulators, data from digital asset manager Coinshares stated on Monday.
Meanwhile, Bitcoin recorded a straight third week of inflows. Ethereum products and funds noticed another week of inflows amounting to $20 million, despite conceding market share to Bitcoin in recent times. The inflow of ether till now amounts to $1 billion.
As per Chainalysis, reports show that India, Pakistan, and Vietnam are lending hands for the expansion of cryptocurrency markets in central and southern Asia. India’s crypto market grew 641% over the past year and Pakistan witnessed 711%.
