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Bitcoin, the world’s largest cryptocurrency by market cap surged over five percent to cross the coveted $50,000 level Tuesday for the first time in four weeks as institutional investors take interest in the asset class again.
Other cryptocurrencies, or altcoins, as they are called were trading mixed today. Ether, the coin linked to the Ethereum blockchain, has surged 4 percent. It is also up over 21 percent in the last seven days.
Binance Coin, which is currently the third-largest coin by market cap is 3 percent up. Cardano, which slipped to the fourth position on the table a week ago was over one percent up. Dogecoin, the meme coin, has surged nearly five percent to trade at $0.25, up over 25 percent in a week.
Solana and Polkadot, on the other hand, continue to trade in the red along with stablecoins. Solana was down over two percent and Polkadot lost over one percent. However, both the coins have surged over 15 percent in the past week.
Top 10 cryptocurrencies by market cap
| Cryptocurrency | Current market price | 24-hour change |
| Bitcoin | $51,295 | 4.20% |
| Ether | $3,497 | 3.35% |
| Binance Coin | $438 | 2.91% |
| Cardano | $2.22 | 1.12% |
| Tether | $1 | 0.01% |
| XRP | $1.04 | 2.33% |
| Solana | $161 | -2.24% |
| Dogecoin | $0.25 | 4.66% |
| USD Coin | $0.01 | -0.01% |
| Polkadot | $30.94 | -0.93% |
As per data from coinmarketcap.com, the crypto market’s total market cap on Tuesday rose by nearly four percent to $2.90 trillion. Meanwhile, Bitcoin’s dominance in the market rose by 0.34 percent to 42.64 percent.
Market participants cited the increase in institutional crypto services from banks and financial institutions to cope with rising investor demand, as one factor driving bitcoin’s surge.
Specialist crypto tracker CoinDesk released a market review on Tuesday showing a 25 percent gain for bitcoin and 32 percent gain for ether during the third quarter.
Kraken Intelligence, a research blog from crypto exchange Kraken, noted in its September report September’s headwinds for bitcoin “appear to have positioned the market to rally higher into and throughout Q4.” It added the fourth quarter is bitcoin’s historically best quarter, with an average and median return of 119 percent and 58 percent, respectively.
Here’s a cryptocurrency news wrap
Bitcoin became one of the best performing cryptos in the past 24 hours. While Bitcoin was up over five percent, Ether was up three percent, Binance Coin was rising three percent and Cardano was up one percent. Solana is down two percent. Strength in bitcoin tends to divert attention from altcoins. Bitcoin’s dominance has also surged to 43 percent as compared to 41 percent a month ago.
US Securities and Exchange Commission (SEC) has delayed the decision to approve four Bitcoin ETFs on Tuesday. The commission has delayed the deadline by 60 days, i.e., November 21.
US SEC Chief Gary Gensler on Tuesday said the commission has no plans to ban crypto. When asked if SEC was planning to follow China’s steps to ban cryptos in favour of central bank digital currency (CBDC), he said, “No, that would be up to Congress.” Gensler reiterated Federal Reserve Chief Jerome Powell comments from last week when he said Fed has no plans to ban the asset class.
While Facebook, Instagram, and WhatsApp went down for hours on Monday night, crypto enthusiasts reminded the world of the power of decentralisation. The outage was one of the biggest in the history of outages, giving crypto proponents a reason to be smug as Bitcoin, in its history, has never once suffered an outage. Other cryptos have, for example, Solana’s recent outage but not Bitcoin. Plus, Bitcoin’s market cap is greater than that of Facebook now.
OpenSea, the largest NFT marketplace, saw daily trading volumes rising to their highest levels in a month. According to a report on CoinMarketCap, the marketplace witnessed sales worth $157 million on Monday. All because an obscure new NFT collection is in town.
Top 3 trending crypto assets
| Cryptocurrency | Current market price | 24-hour gain |
| Axie Infinity | $139.41 | 1.53% |
| Ronin Gamez | $0.001289 | 45.21% |
| BabySpaceFloki | $0.000000000809 | -8.22% |
Top 3 gainers
| Cryptocurrency | Current market price | 24-hour gain |
| Flokinomics | $0.000001072 | 2531% |
| FOMO BABY | $0.000000000836 | 575% |
| Kawakami Inu | $0.000004706 | 288% |
Top 3 losers
| Cryptocurrency | Current market price | 24-hour loss |
| Big Digital Shares | $0.02068 | -88% |
| Themis | $0.05058 | -72% |
| Anime Token | $0.001111 | -70% |
(Data is sourced from coinmarketcap.com)
(With inputs from Reuters)
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