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HomeBusinessCryptocurrency Prices: Bitcoin prices continue to rise, Ether, dogecoin also rise

Cryptocurrency Prices: Bitcoin prices continue to rise, Ether, dogecoin also rise

The price of bitcoin continued to rise on Thursday.

Bitcoin Price Today: In cryptocurrencies, the price of bitcoin continued to rise on Thursday. However, it has remained slightly below its record level of more than $ 66 thousand. On Wednesday, for the first time, the price of bitcoin crossed $ 66 thousand for the first time. The reason for this huge rally in bitcoin is the good environment surrounding the launch of US futures based bitcoin exchange traded fund (ETF).

Bitcoin up 2%

Bitcoin, the world’s largest cryptocurrency by market capitalization, was trading at $65,127, up nearly 2 per cent. Earlier it had reached a high of $ 66,974.77. This summer it even went below the $30,000 level. Before this, bitcoin had set a record in April.

Other cryptocurrencies have also seen an uptrend during the last 24 hours. Ethereum-linked coin and the world’s second largest cryptocurrency Ether rose more than 8 percent to $4,197. Cardano prices have risen by about 6 percent to reach 2.22. Whereas, dogecoin has risen by more than 3 percent to $ 0.25. Other digital tokens such as Shiba Inu, Binance Coin, Solana, Litecoin, Uniswap, XRP have also seen a rise.

What is the reason for the rise in prices?

Experts say that the ProShares Bitcoin Strategy ETF has started trading. And it has seen volumes of around $1 billion. Due to this high volume trading, there has been an uptrend. This has brought bitcoin to a new record high of $66,000. The experts further say that Ether is also witnessing a big uptrend and it is trading at $4000, which is very close to its previous record high level. Overall, this is a big milestone for the entire crypto ecosystem. He believes this is also a good sign for bitcoin, as it will encourage more investors to take a serious look at it as an alternative asset class. More people will also invest in it than this.

ETFs do not invest directly in bitcoin. Instead it invests in the futures market linked to bitcoin. But the industry believes that ETFs will bring in a large number of new investors. Experts say that investors with old brokerage accounts can buy ETFs. For example one does not need to open a trading account for crypto.

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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