The prices of cryptocurrencies have continued to increase with Bitcoin rising above $45,000 Sunday morning, the first time in over 2 months.
The most popular cryptocurrency is up by 4.3% or $1,858.9 trading at $45,118.4 at 06:56 GMT on Sunday, according to the data on Investing.com.
Ethereum is trading at $3,176, up 7.32%, on the back of the latest hard fork upgrade, dubbed “London,” officially activated on the Ethereum blockchain network.
Other cryptocurrencies are also in green, with XRP gaining 9.08% at $0.83015; Dogecoin is up by 27.71% at $0.269969; Cardano is trading at $1.479533, up 3.41%. Binance Coin is also gaining 3.30%, trading at $358.67.
The surge in the price of Bitcoin continues amid decline in the amount of Bitcoin supply held on various crypto exchanges.
Analysts have viewed the movement of Bitcoin supply away from the exchanges as a bullish sign.
Some analysts see further upside and are optimistic about the crypto rally broadly.
“A mood of optimism appears to have returned to cryptocurrency markets. Still, the turbulence that we’ve seen in crypto markets over recent weeks is unlikely to subside,” wrote Paolo Ardoino, CTO of Bitfinex, in an email.
Bitcoin Key Metrics according to Coindesk
- Total supply: 18.78 million
- Market capitalization: $847.29 billion
- Value transacted in 24 hours: $5.12 billion
- Transaction count in 24 hours: 207,621
- 24 hour high: $45,303.66
- 24 hour low: $42,494.50
- All time high: $64,829.14
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.