Bitcoin rises, remains above US$28,000; Ether, top 10 cryptos strengthen

Bitcoin rises, remains above US$28,000; Ether, top 10 cryptos strengthen

Time Stamp: June 21, 2023 5:38 AM
Source Node: 2735708

Bitcoin and Ether rose during Wednesday afternoon trading in Hong Kong, along with all the top 10 non-stablecoin cryptocurrencies by market capitalization. Bitcoin rose above US$28,000 as signs of institutional crypto adoption bolstered investor sentiment.

See related article: Weekly Market Wrap: Crypto lawsuits, Hinman and a rare rate hike pause

Bitcoin breaks US$28,000 on signs of institutional crypto adoption

Bitcoin rose 1.9% from 7:30 a.m. to 4:30 p.m. in Hong Kong to US$28,842. Ether rose 1.11% in the same timeframe, to US$11,808, exceeding US$1,800 for the first time since June 10.

Bitcoin, the world’s largest cryptocurrency, broke the US$28,000 mark for the first time since May 30. Investor sentiment received a boost from signs of institutional crypto adoption after asset management giant BlackRock filed for a spot Bitcoin ETF last week and from market talk that Fidelity is preparing its spot Bitcoin ETF filing.

Litecoin was the day’s biggest gainer in the top 10, rising 9.02% to US$83.92, followed by Bitcoin that strengthened 7.74% in the past 24 hours.

The total crypto market capitalization over the past 24 hours rose 5.75% to US$1.13 trillion and market volume increased 66.63% to US$48.05 billion, according to CoinMarketCap.

Bitcoin’s US$559 billion market cap represented 49.4% of the total crypto market, marking a two-year high. April 2021 was the last time Bitcoin dominance exceeded 49%, when Bitcoin was trading above US$53,000.

Bitcoin NFT sales rise for third consecutive day as Ethereum NFT sales slip

The Forkast 500 NFT index rose 0.89% to 2,897.04 points in the 24 hours to 4:30 p.m. in Hong Kong but declined 1.28% during the week. 

Bitcoin’s 24-hour non-fungible token (NFT) sales rose for a third consecutive day, up 171.52% to US$8.06 million, as sales for Uncategorized Ordinals increased 3.65% to US$7.08 million, according to CryptoSlam data.

Ethereum’s 24-hour NFT sales fell 2.63% to US$14.37 million. Sales for the largest Ethereum-native collection, the Bored Ape Yacht Club, fell 23.68% to US$932,826, but Mutant Ape Yacht Club sales rose 41.82% to US$1.15 million, making it Ethereum’s second-biggest NFT collection in 24-hour sales volume after Azuki, that generated US$1.2 million in sales for the network.

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