Bitcoin prices today surged above the $58,000 mark as the world’s largest cryptocurrency by market capitalization was trading more than 3% higher to $58,418. Bitcoin is nearing its record high level of almost $65,000 that it reached in April, and is up 100% this year (year-to-date) so far.
Ether, the coin linked to ethereum blockchain, also rose to $3,649, up 4%. Cardano was up 2% at $2.19 whereas dogecoin gained to $0.22. On the other hand, other digital tokens like XRP, Uniswap, Stellar, Binance Coin, were also trading with gains over the last 24 hours.
“Binance Coin (BNB) has recovered since yesterday. The BNB/BTC chart recently broke out of the Flag pattern. It retested support around 0.0075 and bounced back strongly, indicating a strengthening position. BNB could easily hit the $550 level in this cycle based on the model. A total market cap of Altcoins are trading at $1.27 trillion. The previous trend pattern indicated a Cup & Handle breakout and appears to be making progress towards ATH $1.5 trillion,” said Siddharth Menon, COO of crypto exchange WazirX.
Meanwhile, Cryptocurrency products and funds registered their eighth straight week of inflows and garnered $226 million in investments last week, a CoinShares report showed. Over an eight-week run, total crypto product inflows hit $638 million, with a year-to-date total of $6.3 billion.
The Bitcoin rally has come after digital tokens remained under pressure post China’s ban on cryptocurrency transactions and turbulence around El Salvador’s troubled rollout of the digital coin as legal tender.
(With inputs from agencies)
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