Bitcoin's surge has triggered a broader rally in the crypto market, with strong and sustained inflows into the related spot exchange-traded funds driving prices higher, he said. The world's largest cryptocurrency was last up 4 per cent at $118,071.19, taking its gains for the year to 26 per cent. The digital asset has surged nearly 41 per cent in the last three months. Rising confidence in bitcoin is now resulting in investors chasing higher returns in smaller tokens. Ether, the second-largest token, was last up 6.5 per cent, while XRP and Solana gained 12 per cent and 2 per cent, respectively. The sector's total market value has swelled to about $3.7 trillion, according to data from CoinMarketCap.
Bitcoin buyer and holder Strategy (MSTR.O) rose 3.8 per cent, while crypto miners Riot Platforms (RIOT.O), Hut 8 (HUT.O), and Mara Holdings (MARA.O) gained between 1.5 per cent and 3 per cent.
Cryptocurrency Price Prediction
Bitcoin's sharp rally has also drawn caution from some corners of the market. As crypto gets embedded in the traditional financial system, some analysts warned the hype may be outpacing reality, as it starts to displace gold as the preferred hedge against equities.
The (regulatory) backdrop has supported prices and attention has turned to bitcoin's role in portfolios, with some likening the crypto-asset to 'digital gold'. This moniker is likely premature, said Dirk Willer, Citi's global head of macro, asset allocation and emerging market strategy.
With likely volatility ahead, some analysts have cautioned investors to pause and weigh their time horizons before jumping in. "It's hard not to be optimistic about bitcoin at this moment in time, but the risk of a fall in price or short-term pullback still exists," said Simon Peters, crypto analyst at online brokerage eToro.
Critics have argued the Trump administration is conceding too much to the crypto industry. "I'm concerned that what my Republican colleagues are aiming for is another industry handout that gives the crypto lobby exactly its wish list," Democratic Senator Elizabeth Warren said earlier this week, opens new tab.
She urged Congress to bar public officials, including the President, from issuing, backing or profiting from crypto tokens. Trump has faced criticism from political rivals and ethics experts over potential for conflicts of interest regarding his family's crypto ventures.
FAQs
Q1. What is market value of Cryptocurrency sector?
A1. Market value of Cryptocurrency sector is $3.7 trillion.
Q2. What are top Cryptocurrencies?
A2. Top Cryptocurrencies are Bitcoin, Ether, XRP, Solana.
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