Bitcoin, Other Cryptocurrencies Extend Gains Amid Renewed Interests

Investors have started returning to crypto space at a gallop following weeks of bearish trends.

Bitcoin, the world’s most dominant cryptocurrency, gained 3.31 percent to $47,802.33 a coin on Saturday at 10:28 am Nigerian time, up from $29,000 it exchanged in July.

Ethereum, the second most capitalised cryptocurrency, appreciated by 2.11 percent to $3,307.47 per coin in the last 24 hours to take its year-to-date return to 346.04 percent.

Ripple, XRP, rose by 13.20 percent to $1.18 per coin in the last 24 hours to extend its year-to-date return to 429.18 percent.

Cardano, ADA, appreciated by 9.52 percent from $1.94 to $2.23 a coin in the last 24 hours. The crypto coin has now gained 1,114 percent this year so far.

Cardano jumped on the possible plan to integrate smart contracts next month, a feature peculiar with Ethereum.

“Any growth in the price of cryptocurrencies is either directly caused by positive news driving up sentiments among buyers or a growth in tandem with the overall market trend,” Yuri Mazur, head of data analytics at crypto trading platform CEX.IO broker, wrote via email. “Cardano’s highly anticipated Alonzo upgrade is also a good reason for investors to stack up the coin.”

Bitcoin and other cryptocurrencies reacted to the $1 trillion infrastructure bill passed by the United States Senate, a bill expected to regulate crypto space similar to stocks.