In cryptocurrencies, Bitcoin prices today surged to trade above $47,000 mark while other digital tokens were also trading with gains. The world’s largest cryptocurrency by market capitalization surged 5% to $47,111. Amid a volatile year for the virtual coins, Bitcoin is up over 62% this year (year-to-date or YTD).
Ether, the coin linked to ethereum blockchain and the second largest crypto, surged over 7% at $3,228. Dogecoin, on the other hand, gained nearly 5% to $0.31. Other digital coins like Stellar, Uniswap, XRP, Litecoin, Cardano also were trading with gains over the last 24 hours in the range of 5-12%.
Before the rebound over the past few weeks, the crypto sector had been weighed down by a crackdown in China and worries over the environmental impact of the energy needed to create coins and process transactions. Supportive comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood had helped Bitcoin rally.
The worldwide crypto adoption grew by 880% between June 2020 and July 2021, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. India ranks second in terms of crypto adoption worldwide behind Vietnam, but ahead of countries such as the US, UK, and China, as per the report.
Crypto adoption in India has also been led by smaller towns in the country. The largest crypto exchange in the country by trading volume, WazirX, said last week that it had seen more than 2,648% growth in user sign-ups from tier II and tier III cities in India.
(With inputs from agencies)
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