Bitcoin, the world's largest cryptocurrency by market cap, surged over $50,000 for the first time since the first week of September. It soared over 5 percent to hit $50,274 on Tuesday. The coin has surged 20 percent in the last seven days.
It had last surged to the psychological level of $50,000 on Bitcoin Day -- the day El Salvador became the first nation in the world to make it a legal currency. However, the coin had quickly lost steam hitting as low as $40,000.
Altcoins, other coins besides Bitcoin, followed the upmove. Ether, the coin based on Ethereum blockchain surged over 2 percent to hit $3,441. Binance Coin, the third-largest coin surged over 5 percent to hit $439. Cardano also soared over 3 percent.
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Dogecoin, also called the meme coin surged over 10 percent in the last 24 hours, trading at $23. The coin has soared nearly 20 percent in the past week.
Cryptocurrency investment products and funds recorded inflows for a seventh straight week, as institutional investors warmed to more supportive statements from regulators, data from digital asset manager CoinShares showed on Monday.
(Edited by : Yashi Gupta)
First Published: IST