The market capitalisation (m-cap) of cryptocurrencies topped the $1-trillion mark on Wednesday, capping a weeklong bull run as in India experts cautioned about the future of the digital assets.
Bitcoin, the largest cryptocurrency by m-cap, was nearing $23,500 after rising nearly 20 per cent in the last seven days, according to coinmarketcap.com. Ethereum, the second largest cryptocurrency, was trading above $1,500, up nearly 45 per cent in a week.
The m-cap of all cryptocurrencies was above $1.05 trillion, according to coinmarketcap at 3pm IST.
"Bitcoins price surge has ignited some bullish sentiments among investors. It reinforces the commitment to the fundamentals of Bitcoin. However, we have also witnessed Bitcoin’s dropping to the lowest hence we will have to wait and watch the global market movements to understand the market changes better," said Mridul Gupta, chief operating officer at CoinDCX.
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