Bitcoin crosses $61,000, ether nears $4,000 as cryptos fly

ISLAMABAD: The cryptocurrency market remained bullish for the third straight day on Saturday, with the market capitalisation gaining 3.1 percent to reach $2.6 trillion as of 1255 hours GMT.

Bitcoin, the largest cryptocurrency, continued rallying and jumped 1.98 percent to reach $61,056. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 1.15 trillion.

Similarly, ether (ETH) price gained 2.80 percent to reach $3,914. With this increase in price, the market capitalisation of ETH has reached $459.5 billion.

Following suit, XRP price gained 2.79 percent to reach $1.15. The market capitalisation of XRP stands at $115.1 billion after this increase.

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Likewise, cardano (ADA) price gained 2.15 percent to reach $2.21. Its market capitalisation has increased to $71.7 billion after this hike.

Similarly, dogecoin (Doge) price went up by 4.37 percent to reach $0.239. With this increase in price, the market capitalisation of doge has reached $31.4 billion.

Bitcoin, the world’s largest cryptocurrency, hit $61,000 for the first time in six months, nearing its record high, as traders grew confident that US regulators would approve the launch of an exchange-traded fund (ETF) based on its futures contracts.

Cryptocurrency investors have been waiting for approval of the first US ETF for Bitcoin, whose recent rally is being fuelled in part by anticipation of such a move, which is seen as speeding up the mainstream adoption of digital assets. The US Securities and Exchange Commission (SEC) is expected to allow the first US Bitcoin futures ETF to begin trading this week.

Market analysts view the possible approval as a landmark for the crypto industry, which has been longing to be accepted by Wall Street with its mainstream investors.

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