Bitcoin price climbed above the $58,000 mark today as the world’s largest cryptocurrency by market cap gained over 3% to $58,418. Bitcoin is close to its all-time high of around $65,000, reached in April, and is up 100% so far this year (y-o-date).
Ether, the coin tied to the Ethereum blockchain, also rose 4% to $3,649. Cardano was up 2% at $2.19 while Dogecoin advanced to $0.22. On the other hand, other digital tokens like XRP, Uniswap, Stellar, Binance Coin were also trading with gains in the last 24 hours.
“Currency Coin (BNB) has recovered since yesterday. The BNB/BTC chart recently broke out of the flag pattern. It retested the support around 0.0075 and made a strong bounce back indicating a strong position. Based on this, BNB could easily reach the level of $550 in this cycle. The overall market cap of the altcoins is trading at $1.27 trillion. The previous trend pattern indicated a cup and handle breakout and ATH near $1.5 trillion. appears to be making progress,” said Siddharth Menon, COO of crypto exchange WazirX.
Meanwhile, cryptocurrency products and funds registered inflows for their eighth straight week and raised $226 million in investments last week, a CoinShares report revealed. During the eight-week period, total crypto product inflows reached $638 million, with a total of $6.3 billion in the year to date.
The bitcoin rally comes after digital tokens remained under pressure, following unrest around China’s ban on cryptocurrency transactions and El Salvador’s troubled rollout of the digital coin as legal tender.
(with inputs from agencies)
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