With a rather minor climb of 0.84 percent on Tuesday, the
second most-valued cryptocurrency saw a more substantial climb of 3.25 percent
at $3,609. For the blanket ban on crypto-trading in China, the Ethereum-based
coin has seen fluctuation over the past ten days but after a good start to the
week, things are looking on the up.
Popular altcoin Dogecoin has had a terrific week thus far
with gains in double digits on Tuesday. Wednesday's values don't match up to
that but the memecoin still makes it to the list of top gainers for the day
with a 6.25 percent rise in value, shooting up to $0.26. Elon Musk happens to
be the driving force here again after he tweeted a picture of a Shiba Inu on
Monday. Tether, Ripple, Cardano and Litecoin all saw marginal gains.
The cryptocurrency market has seen a decent climb since the
beginning of the month and the relative strength index indicator points at
gains for most decentralised finance DeFi tokens too.
India, a country that ranks second on the Global Crypto
Adoption Index as per Chainalysis, 42 percent of the crypto transactions are
hefty and institutional-sized, usually amounting to over $10 million pointing
towards a large market.
The market research firm also claims that cryptocurrency has
begun seeing grassroots level adoption in Central and Southern Asia, and
Oceania (CSAO) countries, fuelling the rapid expansion of the emerging digital
financing space.
NFT sales volumes meanwhile surged to $10.7 billion in the
third quarter of 2021, which is a massive eight times more than the previous
quarter, claims market tracker DappRadar, fuelling a rise in the use of
blockchain.
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