Bitcoin surges above $47,000, ether, dogecoin also rise

In cryptocurrencies, Bitcoin prices today surged to trade above $47,000, as per CoinDesk, the world’s largest cryptocurrency by market capitalization was up over 4% to $47,103. Bitcoin has gained over 62% this year (year-to-date), however, it is much lower from nearly its record high level of $65,000 it hit in April.

Ether, the coin linked to ethereum blockchain and the second largest crypto, gained nearly 3% to $3,391. Cardano prices slipped 0.4% to $2.38 whereas dogecoin rose 2% to $0.23. Other virtual tokens including Stellar, Uniswap, Litecoin also surged over the last 24 hours. Meanwhile, Solana was trading 5% lower to $157.9.

Global crypto funds saw fourth straight week of inflows last week, attracting $57 million, with cryptocurrency Solana alone bagging $50 million, digital asset manager CoinShares said. Solana has become among the top 10 crypto assets in the world with a market capitalisation of about $50 billion. 

For the week, Bitcoin funds remained flat with a paltry $0.2 million of inflows, while Ethereum saw minor outflows totalling $6.3 million. The trend of diversification remains intact amongst investors, with inflows into Cardano, multi-asset, Ripple and Polkadot, totalling $3.5 million, $3.2 million, $3.1 million, and $1.7 million, respectively.

Meanwhile, Coinbase’s sale of Junk Bonds showed that the investors gave cryptocurrencies their biggest endorsement yet as Coinbase Global Inc. sold $2 billion of debt, as reported by Bloomberg. Coinbase is the second crypto-related junk bond issuer in the US market. MicroStrategy Inc., the software developer that’s turning into a digital-asset investor, sold $500 million of notes in June to fund the purchase of Bitcoin. 

(With inputs from agencies)

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