Bitcoin Tops $30k For The First Time Since April As Trading Volume Rises

TL;DR

• Bitcoin topped the $30k level for the first time since April after Bitcoin rallied by more than 4% on Wednesday.

• The rising institutional interest in Bitcoin has pushed prices of cryptocurrencies higher recently.

Bitcoin Hits $30k

Bitcoin, the world’s leading cryptocurrency by market cap, surpassed the $30k level for the first time since April. BTC rallied by more than 4% on Wednesday, reaching an intra-day high of $30,770 before pulling back.

At press time, the price of Bitcoin stands at $30,124 per coin. The rally comes as investors became bullish due to the rising institutional interest in the cryptocurrency market.

Earlier this week, BlackRock, the world’s leading asset management firm with more than $10 trillion in assets under management, filed with the SEC to launch a Bitcoin exchange-traded fund (ETF).

BlackRock’s ETF application was followed by the launch of a cryptocurrency exchange backed by Fidelity, Schwab and Citadel. There are rumors that Fidelity is also set to apply to launch a spot Bitcoin ETF.

Ether, the second-largest cryptocurrency by market cap, could reach the $2k level soon after rallying by more than 5% in the last 24 hours.

Shiba Inu is the best performer amongst the top 20 cryptocurrencies by market cap, up by 13% in the last couple of hours. 

Thanks to the latest rally, the total cryptocurrency market cap now stands at $1.18 trillion.