The high volatility seen in the cryptocurrency market over the past month seems to be tapering, with prices of popular digital coins stabilising and rising.
At 9:50 am, Bitcoin’s price increased to nearly $38,000, up over 3 per cent compared to its price 24 hours ago. Ethreum’s (Ether) value has also increased by over 4 per cent to nearly $2,800. By 10:30 am, the price of Bitcoin had crossed $38,000.
Much of the reason behind the stabilisation in prices is higher inflows in the crypto market last week after hitting record outflows in the previous two, reported news agency Reuters on the basis of data from digital currency manager CoinShares.
Cryptocurrency highlights: Check Wednesday’s prices and trends
Inflows in almost all cryptocurrencies, especially Bitcoin and Ether, have increased in the past week. The higher inflows last week seems to have helped reduce the wild price swings that gripped the crypto market over the past month.
Meanwhile, popular meme-based currency Dogecoin surged yesterday after digital asset exchange Coinbase said it will make the crypto unit available to its users on its trading platform.
Dogecoin was up over 15 per cent at the time of writing this report and the digital coin’s market capitalisation has jumped to over $55 billion.
All other popular cryptocurrencies including Ripple, Cardano, Chainlink, Stellar, Polkadot and Litecoin were trading higher.
Here are the latest prices and trends of popular cryptocurrencies:
|Cryptocurrency||Price (US Dollar)||
Market cap (Billion)
Volume (24 Hours)
|Ethereum (Ether)||2,754.10||4.72%||$319.83||$40.04 billion|
|XRP (Ripple)||1.03||1.86%||$102.84||$3.97 billion|
Another positive news that has helped the cryptocurrency market gain is the fact that Standard Chartered PLC unit intends to establish a cryptocurrency brokerage and exchange platform in Britain and Europe to target institutional clients.
The new exchange will be created by a joint venture between SC Ventures, the bank’s innovation arm, and BC Technology Group, which operates Hong Kong-licensed cryptocurrency exchange OSL.
The move is a strong endorsement of cryptocurrency from a mainstream lender and could pave the way for other global banks to follow suit.
Standard Chartered’s new platform will primarily target the European market, connecting institutional traders with counterparts trading Bitcoin, Ether and other digital assets, said the bank.
While Standard Chartered’s move is in sharp contrast to rival HSBC’s stance on digital coins, it could be a turning point in the entire debate surrounding cryptocurrencies.
“We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class,” Alex Manson of SC Ventures told news agency Reuters.
(DISCLAIMER: The cryptocurrency prices have been updated as of 10:15 am and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and will be updated on a daily basis.)