Mumbai: Bitcoin price on Wednesday continued to surge and crossed the $51,000 mark, a day after crossing $50,000 mark for the first time in four weeks. Ether, the coin linked to the Ethereum blockchain, was up 3% to $3,500. The global crypto market cap was up by over 3% to $2.22 trillion compared to Tuesday.
However, the total crypto market volume jumped about 4 per cent to $110.80 billion.The Bitcoin advance has overcome China’s ban on cryptocurrency transactions and turbulence around El Salvador’s troubled rollout of the digital coin as legal tender.
“Now that Bitcoin has surpassed $50,000, we do expect this bull run to take it to near highs during the fourth quarter,” said Leah Wald, chief executive officer of Valkyrie Investments, a specialized alternative asset management firm.
