Bitcoin’s price on Tuesday surged beyond the $50,000 mark after nearly four weeks, as the crypto currency gained more than 5 percent to hit $50,312.
The world’s largest cryptocurrency in terms of market capitalization had dropped below the level on September 7 in the midst of a broader sell-off in shares of cryptocurrency and blockchain-related firms during that day. Bitcoin continued to fall throughout September, plummeting to a low of $40,596 on September 21.
A number of other cryptocurrencies also saw a rise in prices. Ether, the coin that is linked to Ethereum blockchain and the second-largest crypto gained by 3% and is trading at $3,466. Cardano, Dogecoin, and other digital tokens including, Litecoin, XRP, Uniswap also went up.
As per the data from CoinShares a digital asset manager, cryptocurrency investment products and funds reported inflows for the seventh consecutive week, owing to institutional investors warming to more supportive statements from regulators.
Bitcoin also reported inflows for the third consecutive week. Ethereum products and funds recorded another week of inflows amounting to $20 million despite conceding market share to bitcoin in the last few weeks. Inflows for ether, the token for the Ethereum blockchain, have reached a whopping $ 1 billion this year.
Another report by Chainalysis reported that India, Vietnam, and Pakistan are leading the expansion of cryptocurrency markets in central and southern Asia. The growth in the Indian market equates to 641% while Pakistan saw a growth of 711% within the last year. The report from Chainalysis used a metric that estimates the total cryptocurrency received by a country.
