Bitcoin jumps to $47,500 as cryptos rally for second day

NEW YORK: The cryptocurrency market remains bullish for the second straight day on Wednesday amid increasing global acceptance, with the market capitalisation gaining 3.2 per cent to reach $2.24 trillion as of 1240 hours GMT.

The price of bitcoin (BTC), the largest cryptocurrency, gained 2.5pc to reach $47,500. With this price increase, the market capitalisation of the biggest cryptocurrency has reached $893.8 billion.

Likewise, the ether (ETH) price went up by 2.61pc to reach $3,421. With this price increase, the market capitalisation of ETH has reached $401 billion.

Similarly, XRP price gained 1.49pc to reach $1.09. The market capitalisation of XRP stands at $109 billion after this increase.

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Following suit, Cardano (ADA) price gained 2.26pc to reach $2.44. Its market capitalisation has reached $78.8 billion after this increase.

On the other hand, Dogecoin (Doge) price went 1.51pc up to reach $0.242. With this price increase, the market capitalisation of doge has reached $31.7bn.

Meanwhile, DBS Group Holdings, the largest bank in Singapore and Southeast Asia, has said that its crypto business is growing very rapidly. The bank’s digital asset trading platform expects to double the number of members by year-end.

DBS’s senior executives said that the bank is seeing robust demand from corporate investors, accredited individuals, and investment firms that manage assets of wealthy families. The executives added that the bank expects the number of members trading on its cryptocurrency exchange platform to double by the end of December and grow by 20-30pc annually for the next three years.

The bank launched its crypto trading platform, DBS Digital Exchange, in December as a member-only bourse. It currently offers trading services between four fiat currencies (SGD, USD, HKD, and JPY), and four cryptocurrencies: bitcoin (BTC), bitcoin cash (BCH), ether (ETH), and XRP, its website detailed.

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