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Bitcoin’s (BTC) upward march continues unabated as the apex cryptocurrency gained 5.13% in a 24-hour period on Tuesday, taking its market cap to $ 255 billion.
What happened: As of press time, Bitcoin prices have been just below the highs not seen since June 26, 2019, when the cryptocurrency hit $ 13,796.49, according to data from CoinMarketCap.
If Bitcoin were to break above the highs of June 2019, it would be at its highest since January 4, 2018, when it hit a high of 17,739.70.
Bitcoin hit its all-time high of $ 20,089 on December 17, 2017.
Other cryptocurrencies have followed Bitcoin’s lead with Ethereum (ETH), XRP (XRP) and Bitcoin Cash (BCH) gaining 3.4%, 1.4% and 2.95% respectively. time of press. Litecoin saw a 4.49% gain at press time.
NEM (XEM) and Neo (NEO) were outliers from the trend as they fell 3.48% and 0.97% respectively at press time.
Because matter: Cryptocurrencies are recovering in the wake of news of more mainstream adoption in recent weeks.
JPMorgan Chase & Co (NYSE: JPM) said on Tuesday that its cryptocurrency “JPM Coin” is now active, used by a large tech company to send global payments.
Bitcoin closed above the $ 13,000 limit on Saturday, for the first time since 2018.
This followed PayPal Holdings Inc (NASDAQ: PYPL) stating that it would allow its users to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum in October.
Square Inc (NYSE: SQ) previously announced a $ 50 million investment in Bitcoin.
On Tuesday, Grayscale’s “Bitcoin Investor Study” revealed that 55% of investors in the United States are interested in buying Bitcoin this year, up 19% from last year.
The COVID-19 pandemic was cited as a reason by 63% of respondents as a reason that sparked their interest in cryptocurrency.
Meantime, Bitcoin Trust in grayscale (OTC: GBTC) attracted cryptocurrency lender BlockFi, which raised 5.07% of its total shares.
The grayscale Bitcoin Trust closed up 8.97% at $ 15.67 on Tuesday.
Price action: Bitcoin was trading 5.13% at $ 13,746.81, Ethereum was trading 3.4% at $ 407.37, Bitcoin Cash was trading 2.95% at $ 268.43, and XRP was trading 1.4% to $ 0.2525.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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