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Bitcoin rose more than two percent and Ethereum (Ether) almost four percent on Tuesday.
Cryptocurrencies gained for a second straight day on Tuesday, with Bitcoin — the world’s largest and most popular virtual currency — rising more than two percent. The total market capitalisation of cryptocurrencies rose to $1.12 trillion on Tuesday from $1.10 trillion the previous day.
Bitcoin was up 2.3 percent at $23,874.2 at the last count. Its market value stood at $456.5 billion.
Ethererum or Ether — the second largest virtual currency — was up 3.7 percent at $1,775.6 with a market capitalisation of $216.9 billion.
Meme-based virtual currency Dogecoin was up 1.7 percent.
Edul Patel, CEO and Co-Founder of Mudrex, said the recent decline in Bitcon has encouraged investors to increase their holdings in the cryptocurrency. “Since the beginning of 2022, there has been a 10 percent increase in the number of Bitcoin wallets holding more than one BTC, reaching an all-time high of 8,92,100 wallet addresses,” he said.
Patel expects the entire limit of 21 million Bitcoins to be in circulation by 2140. “Bitcoin holders may have lost around three million of the already mined Bitcoin due to the loss of private keys,” he said.
