In a surprising turn of events, Bitcoin, the leading cryptocurrency by market capitalization, saw a significant surge in its value, hitting its highest point since May 2022. The rally was fueled by speculations that the approval of an exchange-traded bitcoin fund (ETF) is on the horizon.
As of 10:30 am, Bitcoin was trading at an impressive $34,408.26, reflecting a remarkable 7.7% increase from its value on the previous day. Ethereum, the second-largest cryptocurrency, also experienced substantial gains, surging by 14.6% to reach a trading price of $1,822 on Tuesday morning. This positive momentum extended to various other crypto tokens, including Ripple, Solana, and Cardano, which also saw notable increases in value.
The total market capitalization of the cryptocurrency market experienced an 8.71% surge, reaching a total of $1.27 trillion. The trading volume saw a substantial increase of 70%, climbing to $81.2 billion in the last 24 hours.
Over the past week, Bitcoin has regained its market dominance, now accounting for 53.1% of the total market share, followed by Ethereum at 17.3%.
This story is from the October 25, 2023 edition of The Business Guardian.
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This story is from the October 25, 2023 edition of The Business Guardian.
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