With its two-year high of almost $57,000, Bitcoin, the largest cryptocurrency in the world by market capitalization, continued its upward trend in Asian trading on Tuesday. This upward trend was fueled by bullish investors who bought into the market.
Using Coin Metrics as a guide, the price of bitcoin increased by 4% to $57,042.25. MicroStrategy, a software and cryptocurrency investing firm, revealed on Monday that it had bought roughly 3,000 bitcoins for $155 million. This led to the current action.
Currently, the biggest publicly traded bitcoin owner is Virginia-based MicroStrategy. Around 190,000 cryptocurrency tokens, or more than $10.5 billion in today’s currency, were claimed to have been held by the corporation earlier this month.
The market was “encouraged by crypto bulls such as MicroStrategy” and saw “new record of Bitcoin ETF inflows,” according to Greta Yuan, head of research at digital asset platform VDX.
The most part of the bitcoin market gained momentum following the most recent surge. With a market capitalization of almost $3,200, Ethereum, the second-largest cryptocurrency, hit a multi-month high.
Source (CNBC)
