Investors Happy with the Steady Growth of Crypto Market
The steady growth in the prices of most of the cryptocurrencies in the crypto market has been making the investors happy. Since the 1st of April, the prices of Bitcoins and many other cryptocurrencies such as Ethereum have been on a steady rise.
Prices of Bitcoin (BTC) and Ethereum (ETH) are still growing with the former above 7000 USD and the latter above 400 USD. A day of green upticks is pretty much something that every crypto enthusiast rejoices.
BTC traded at around 7,448 USD on 3rd April, which was more than a 5 percent increment over 24 hours. BTC had dipped below 7,000 USD earlier this month when the news about Twitter banning crypto-related ads came in. MailChimp, the marketing automation platform had also added virtual currencies to the prohibited content. Both of these factors had made the prices of BTC dip below the 7,000 USD mark.
With BTC well over the 7,000 USD mark again, crypto investors take a sigh of relief again.
ETH has also made advancements over the last few days. With ETH prices rising more than 4 percent over the 24-hour period, the cryptocurrency traded at around $406 on 3rd April.
Apart from BTC and ETH, most of the other coins also performed well. Amongst ten of the best performing coins listed on CoinMarketCap, the coin that went up the most was Ripple. With an almost 9 percent rise in a 24-hour period, XRP traded at around 0.54 USD. Despite how bad the coin performed in the first quarter, the coin finally managed to recover.
The recent rise in the prices of cryptocurrencies owes to an increase in the adoption of cryptocurrencies on a national front. Recently, South Korea announced that it would introduce a new crypto tax framework. Austrac, the Australian financial intelligence agency, has started implementing a set of new AML rules as well which every crypto exchange would have to adhere to. In the news was also the first all-blockchain commodity trade between China and Singapore.