Bitcoin Trades Near $100,000 as Crypto Rally Continues
On Thursday, the price of bitcoin surpassed $98,000 for the first time, sustaining market expectations of better, more lenient regulations in the cryptocurrency market.
The biggest cryptocurrency by market cap has rallied from $68,000 on Nov. 5, when Donald Trump was elected to a second term, amid optimism over his support for digital assets.
The world crypto asset has since then retreated to $97,300 while Ethereum settled at $3,336 having gained more than 7% over the last seven days.
The cryptocurrency’s price has gained some 40% since Trump was voted in as the next U.S. president and a slew of pro-crypto lawmakers were elected to Congress.
The rally has shifted the global crypto market cap to $3.23 trillion, translating to a 3.38% increase over the last day. The total crypto market volume over the last 24 hours settled at $222.02 billion, representing a 23.02% increase.
The total volume in DeFi is currently $9.75B, 4.39% of the total crypto market 24-hour volume, while the volume of all stable coins has reached $202.85 billion, which is 91.36% of the total crypto market 24-hour volume.
Stablecoin inflows to cryptocurrency trading platforms have recently skyrocketed to a new monthly high near the $10 billion mark, suggesting investors are allocating additional capital to the cryptocurrency space as prices rise.
With positive returns of 12% during the last 24 hours, Cardano is currently one of the best performers among the top cryptocurrencies by market cap. More than $4 billion has streamed into U.S. listed bitcoin exchange-traded funds since the election. CBN Defends Naira with $39m in Forex Market
