On Monday, Bitcoin surpassed $50,000 for the first time in three months, as investors flocked back into the cryptocurrency on a bargain-hunting spree. The largest cryptocurrency by market capitalization rose 2.5 percent to $50,152.24, its highest level since mid-May.
After plunging from a record near $65,000 in mid-April, Bitcoin has recovered after trading in a range of approximately $30,000 to $40,000 for many weeks. Nonetheless, it has increased dramatically in the last year.
As per CoinDesk, Ether, the second largest cryptocurrency and the unit tied to the Ethereum network, has risen to $3,321. On the other hand, Dogecoin was trading at $0.32, up 1%. Over the previous 24 hours, other digital coins such as Stellar, Uniswap, XRP, Litecoin, and Cardano have all seen rises.
Global crypto adoption increased by 880 percent between June 2020 and July 2021, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. India ranks second in the world in terms of cryptocurrency usage, trailing only Vietnam but ahead of countries like the United States, United Kingdom, and China.
Before the rebound over the past few weeks, the crypto sector had been battered by a Chinese crackdown and concerns about the environmental impact of the energy used to manufacture coins and handle transactions. Bitcoin's surge was aided by statements from billionaire Elon Musk and Cathie Wood of Ark Investment Management LLC.
In other news, PayPal Holdings Inc announced this week that clients in the United Kingdom will be able to purchase, sell, and hold bitcoin and other cryptocurrencies beginning this week. According to Reuters, the roll-out, which represents PayPal's first worldwide expansion of its cryptocurrencies services outside of the United States, could encourage further widespread acceptance of the new asset class.
The entire market value of cryptocurrencies was $2.17 trillion on Sunday, according to data from CoinGecko.com, up 1.1 percent in the previous 24 hours. Cardano's 18 percent rise and Binance Coin's 11 percent gain have helped the overall value in the last seven days, while Dogecoin is up approximately 9% and Solana is up 73 percent, according to CoinGecko prices.
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