New Delhi: The largest and most popular crypto Bitcoin hit a three month high, scaling the $47,000 mark for the first time in 2022. However, the crypto behemoth gave up some of its gain laters.
The total marketcap of Bitcoin was hovering around the $900 billion mark, with its total dominance in the crypto marketcap standing at a little more than 42 per cent, the data from coinmarketcap suggested.
Interestingly, the total traded volumes of numero uno digital token zoomed about 95 per cent as Bitcoins worth more than $34.75 billion exchanged hands in the last 24 hours.
The recent bitcoin rally has resulted in the recovery for some crypto investors as bitcoin has hit a 3 month high. Market participants believe the positive momentum to continue in the near term.
The massive bitcoin purchased by Luna Foundation Guard as a part of its plan to create a bitcoin reserve worth $3 billion may have been a factor in pushing the bitcoin price to this level, Charles Tan, Head of Marketing, Coinstore.
“We may expect a slight correction in the prices soon because investors may consolidate their portfolio as we are approaching the end of the quarter and even the end of the financial year in India and some countries,” Tan added.
The global cryptocurrency market cap advanced to $2.12 trillion mark, gaining about 5 per cent in the last 24 hours. Total cryptocurrency trading volume hit $100 billion, about 63 per cent higher than the previous day.
Bitcoin was commanding a price of $46,948 at 1.15 pm IST, rising 5 per cent. On a weekly basis, Bitcoin has advanced more than 15 per cent, the data shows.
Not only Bitcoin, other crypto tokens were also blooming in tandem with the largest peer. Ethereum, Solana, Terra, Avalanche, Polkadot, Dogecoin, Shiba Inu, Cronos advanced in the range of 5-8 per cent each.
Shivam Thakral, CEO of BuyUcoin, said that the rise in the global crypto market cap and volumes are good signs for market recovery and indicates a considerable amount of fund inflows into the crypto economy.
“We have seen some positive developments around cryptos, especially the UK hinting towards bringing crypto regulation for blockchain based stablecoins and several other countries fast tracking their crypto regulations lead to positive sentiments,” he added.
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