The price of popular cryptocurrencies kept rising on Wednesday as trading volumes continue to surge globally.
Trade volumes recorded by the biggest cryptocurrency exchanges in the world including Coinbase have surged sharply. Coinbase Global Inc has reported a more than %1,500 per cent jump in quarterly trading volumes a day ago.
Bitcoin, the world’s most popular cryptocurrency, was trading at $46,239.08, up over 0.49 per cent at 2:25 pm. In the past seven days, Bitcoin has jumped over 22 per cent, and its market capitalisation has increased to $867 billion.
Ether also rose in the past 24 hours, up 1.80 per cent at $3,216.06. The virtual coin’s value has surged nearly 30 per cent in the past seven days and the market capitalisation has increased to $376 billion.
All other popular cryptocurrencies have witnessed a decent jump in value over the past 24 hours despite minor consolidation.
Commenting on the virtual coin market, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “We are witnessing a minor consolidation across the top cryptos.”
“This consolidation is primarily because of two factors. First, the markets needed a cool off after an intense rally over the past week. Secondly, the US Senate passed the trillion dollar Infrastructure bill yesterday,” he added.
“This bill has various taxing provisions for gains from cryptocurrencies, and the markets are not taking it well. We might see some profit booking