Bitcoin Climbs to $56,000 as Ethereum and Dogecoin Slip
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The prices of cryptocurrencies in the market are mixed with many altcoins losing value in the last 24 hours
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The world’s number one crypto asset Bitcoin is however up by 2.3% in the last 24 hours to $56,400
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Altcoins such as Ethereum, Dogecoin, and Binance coin is in the red for the day
Prices in the cryptocurrency market are nixed on Monday morning with Bitcoin trading above $56,000.
The world’s largest cryptocurrency by market capitalization surged by 2.3% to $56,400, pushing its advancement in the last 7 days to 16%.
Other cryptocurrencies have displayed mixed performances in the last 24 hours.
Ether the cryptocurrency of the Ethereum blockchain and the second-largest cryptocurrency in the world fell by 1% to $3,500.
Cardano also fell marginally, losing $2.22, as Dogecoin tumbled by more than 4% in the last 24 hours to $0.23.
Other altcoins such as XRP, Shiba Inu gained while Litecoin, Binance Coin, and Uniswap plummeted.
Of the top cryptocurrencies, Bitcoin has been the best performing in the last week, adding more than 30%.
Recently, a JP Morgan analyst disclosed that several investors have taken Bitcoin as a hedge against inflation, increasing their holdings of the coin.
Read also: El Salvador to Spend Bitcoin Gains On Vet Hospital
Meanwhile, China has added cryptocurrency mining to a list of prohibited industries. The Asian giant has banned cryptocurrency trading and mining this year while promising to crack down on illegal crypto activities.
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