Major cryptocurrencies continued to gain onTuesday 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 cryptocurrencieslisted on CoinMarketCap, Bitcoin remains the dominant digital currency.
This is an important milestone for the cryptoindustry and re-emphasizes investors’ trust in the potential of blockchaintechnology to disrupt the way digital natives interact with the internet, saidSharan Nair, Chief Business Officer, CoinSwitch Kuber.
However, the two largest cryptocurrencieswere not the only ones to rise, with Binance Coin and Solana, the third andfourth-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 hasalso said it will offer crypto trading to retail customers. Australia's bankingwatchdog said it was examining the regulatory implications of CommonwealthBank's planned introduction of Bitcoin trading to unsophisticated retailinvestors - the first bank in Australia to do so.
Singaporean authorities have sounded positiveon the asset class and spillover from a positive mood in stocks has lentsupport.
The moves have helped lift the total marketcapitalisation of cryptocurrencies above $3 trillion, according to crypto priceand data aggregator CoinGecko.
On the CoinMarketCap platform, which tracks13,796 cryptocurrencies, the total cryptocurrency market capitalisation wasjust below $3 trillion at $2.92 trillion.
Some investors have predicted even biggergains for Bitcoin, despite continued criticism of the cryptocurrencyby JPMorgan Chase (JPM)CEO Jamie Dimon, who has called the coin"worthless."
Along with this, the market for non-fungibletokens (NFT) – a type of crypto asset in which each token is entirely unique –is picking up in India. Celebrities suchas Amitabh Bachchan, Kamal Haasan and Salman Khan jumping on to the bandwagon.