Major cryptocurrencies continued to gain on Tuesday with Bitcoin scaling new lifetime peaks. Bitcoin rose as high as $67,803 and ether, the second-biggest cryptocurrency by market value, hit $4,825 in early Asian hours.
Despite more than 13,000 cryptocurrencies listed on CoinMarketCap, Bitcoin remains the dominant digital currency.
This is an important milestone for the crypto
industry and re-emphasizes investors’ trust in the potential of blockchain
technology to disrupt the way digital natives interact with the internet, said
Sharan Nair, Chief Business Officer, CoinSwitch Kuber.
However, the two largest cryptocurrencies were not the only ones to rise, with Binance Coin and Solana, the third and fourth-biggest tokens, adding more than 20 per cent in the last seven days. Overall, all of the seven biggest tokens have seen a rise over the last week.
In recent weeks, Australia's biggest bank has also said it will offer crypto trading to retail customers. Australia's banking watchdog said it was examining the regulatory implications of Commonwealth Bank's planned introduction of Bitcoin trading to unsophisticated retail investors - the first bank in Australia to do so.
Singaporean authorities have sounded positive on the asset class and spillover from a positive mood in stocks has lent support.
The moves have helped lift the total market capitalisation of cryptocurrencies above $3 trillion, according to crypto price and data aggregator CoinGecko.
On the CoinMarketCap platform, which tracks 13,796 cryptocurrencies, the total cryptocurrency market capitalisation was just below $3 trillion at $2.92 trillion.
Some investors have predicted even bigger gains for Bitcoin, despite continued criticism of the cryptocurrency by JPMorgan Chase (JPM)CEO Jamie Dimon, who has called the coin "worthless."
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Along with this, the market for non-fungible
tokens (NFT) – a type of crypto asset in which each token is entirely unique –
is picking up in India. Celebrities such
as Amitabh Bachchan, Kamal Haasan and Salman Khan jumping on to the bandwagon.