By
Temitope Olatunji
April 24th, 2024
Top cryptocurrencies including Bitcoin, Ethereum, Ripple have entered an upward trend. BitLicense obtained by Square and SEC remarks are among the reasons.
Over the period of the past 24 hours all major coins have shown positive changes in prices. Some experts suppose that this changes on the market can be probably explained by the decision that was taken by the New York Department of Financial Services.
According to this decision the digital payment company Square foundered by Jack Dorsey will get BitLicense. As a result, citizens of New York citizens will have an opportunity to buy Bitcoins with Square’s Cash app.
The cryptocurrency market has added $12 billion during the recent 24 hours. Most of the largest 100 cryptocurrencies by market cap are gaining at the moment and the total market capitalization of all cryptocurrencies is around $287 bln at press time as it is informed by CoinMarketCap. It means that it is getting closer and closer to its weekly high around $300 bln that could be observed on June 12.
The current Bitcoin price is around $6,743 at press time, it means that the top digital coin is up 3,85% in the last 24 hours. 24-hour trading volume has settled at the level $3.9 bln which is lower than the recent high of over $5 bln that was indicated on June 13-14.
Seeing this positive changes, investors have become more optimistic and bullish on the market. And experts say that for the Bitcoin price to stay above the mark of $7,000 in the nearest future, it is necessary to reverse the bearish sentiment and to restore the trading volume.
Bitcoin continues its short-term upside trend despite a destroying articled released by the Bank of International Settlements (BIS) on June 17. This organization includes 60 central banks and they are very skeptical about the future of cryptocurrencies due to proof-of-work consensus mechanisms and blockchains that they are based on.
Moreover, the organization has serious doubts whether cryptos have enough potential to perform a function of money in the world’s economy. The members of the BIS insist that due to the mass usage of cryptocurrencies, the payments can become more complicated. As a result, the communication volumes and required storage related to the usage of cryptos may lead to a halt of the Internet.
As we have informed earlier, some Bitcoin experts still have very positive predictions about its future. Hedge Fund CEO Phillip Nunn reaffirmed that in his opinion this year Bitcoin should reach $60,000.
Ethereum price also risen above a critical level of $500 with a trading volume of nearly $1.4 bln over the past 24 hours. Having added 4,71% over the recent 24 hours, Ethereum is traded for $522.
Positive changes have followed very important remarks made by Securities and Exchange Commission (SEC). It has been announced that under U.S. law Ethereum will not be subject to a securities classification.
Since yesterday, Ripple has gained 4.25%. Today it is traded at $0.54 at press time. And its 24-hour trade volume is around $263 mln.