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Bitcoin steady above US$30,000, all top 10 cryptos rise – Crypto News

Published

3 years ago

July 11, 2023

Dripp

Bitcoin prices gained in Tuesday afternoon trade in Asia to remain above US$30,000. Ether and all other top 10 non-stablecoin cryptocurrencies strengthened in the past 24 hours on market expectations of a rally in Bitcoin prices by end of this year. Polygon, Solana and BNB were the biggest gainers.

Bitcoin rises past US$31,000 before slipping

Bitcoin rose 1.42% to US$30,540 in the 24 hours to 4 pm in Hong Kong, but has lost 1.19% over the past seven days, according to CoinMarketCap date, The world’s largest cryptocurrency by market capitalization fell after rising as high as US$31,026 in the last 24 hours. In the same period, Bitcoin’s market capitalization has risen 1.48% to about US$593 billion.

Bitcoin prices gained after Standard Chartered bank said the token is likely to reach US$50,000 by the end of 2023 and US$120,000 at the end of 2024, according to Reuters on tuesday.

Optimism in Bitcoin also strengthened after several traditional finance (TradFi) companies, including black rock, WisdomTreeInvesco and Bitwise, filed Bitcoin exchange-traded fund (ETF) applications in the US last month, indicating faith in the token and in the digital assets sector.

“Going by the historical price patterns of Bitcoin, the bull run could come in 2025 or late 2024 after the next halving in 2024,” Rajagopal Menon, Vice President of WazirX, India’s largest crypto exchange by volume, told Forecast in an emailed response.

“TradeFi institutions have entered crypto in large numbers and even though they haven’t improved spot trading volume on exchanges, futures and options trading has seen an uptick,” Menon added.

According to European cryptocurrency investment firm CoinSharescryptocurrency-linked investment products saw net inflows of US$136 million in the week ending July 7, marking the third consecutive week of inflows and fully correcting the prior nine weeks of outflows.

Ether, the second-largest cryptocurrency, gained 1.45% to US$1,883, but lost 3.41% on the week.

“It really was about as bad as it could’ve been for the crypto market last year. And 2023 has, so far, been characterized by the US Securities and Exchange Commission ramping up oversight in the digital asset space,” Nigel Green, chief executive of financial advisory firm deVere Group, said in an emailed statement on Tuesday.

“The fact, then, that Bitcoin has gained 80% already in 2023, putting it on track for its best annual performance since 2020, and that Ethereum prices are also up 52% so far this year, is truly impressive,” Green added.

Polygon’s Matic token gained the most among the top 10 non-stablecoin cryptos, rising 9.43% to US$0.742 in the last 24 hours, bringing its weekly gains to 5.11%. The higher prices come as Polygon Labs announced its Polygon 2.0 roadmap on June 30, vowing to become the “Value Layer of the Internet.”

Solana and BNB also led gains, both rising over 6% in the last 24 hours. Solana rose 6.8% to US$22.11, and 15.66% on the week.

BNB, the native token of world’s largest crypto exchange Binance, added 6.22% to US$247.20, and 0.83% in the last seven days.

The total crypto market capitalization strengthened by 1.64% to US$1.19 trillion, while crypto market volume gained 44.7% to US$33.02 billion in the past 24 hours.