Cryptocurrency: The price of Bitcoin reaches $50,000 for the first time in a month
The price of bitcoin today exceeded $50,000 for the first time in four weeks. The world’s largest cryptocurrency by market cap rose more than 5% to $50,312 on Tuesday. The cryptocurrency fell below that level on September 7 amid widespread selling in shares of cryptocurrencies and blockchain-related firms that day. It continued to decline in September, reaching a low of $40,596 on September 21.
The price of another cryptocurrency has also risen. Ether, the coin tied to the Ethereum blockchain and the second largest crypto trading, is up 3% at $3,466. Cardano, Dogecoin and other digital tokens including XRP, Litecoin, Uniswap were also up.
Bitcoin recorded its third straight week of inflows. Meanwhile, Ethereum products and funds posted another week of total inflows totaling $20 million, despite giving bitcoin market share in recent weeks. Flow in Ether, the token for the Ethereum blockchain, has amounted to $1 billion so far this year.
According to Chainalysis, a second report has revealed that India, Vietnam and Pakistan are helping lead the expansion of the cryptocurrency market in Central and South Asia.
India’s market has grown 641% over the past year and Pakistan’s by 711%, a report by Chainalysis showed, using a metric that estimates the total cryptocurrencies acquired by a country.