NEW DELHI: In a surprise move, the world’s biggest cryptocurrency, Bitcoin, surged more than 10% on the last day of April to erase most of the losses for the month, while Ether continued its fine form to top the $2,850 level on Saturday.
At 2.10pm, Bitcoin traded at $57,737.12, about 6.2% higher after moving in a wide range of $54,184.35-58,721.75 over the last 24 hours, as per Coingecko.
One of the key factors driving the rally in Bitcoin could be the expiry of $4.2 billion options contracts. Historically, the crypto asset has rebounded after the expiry of contracts.
In the case of Ether, there are multiple factors working in its favour. The world’s second-biggest cryptocurrency traded 2.6% higher at $2,848.74, after moving in the $2,742.25-2,872.84 range in the past 24 hours.
“Ether is offering a whole new narrative to crypto investors as it has touched an all-time high. European Investment Bank recently announced its first-ever digital bond on the ethereum blockchain, which is the main reason behind this rally. With such reputed financial institutions embracing crypto assets, it clearly shows that digital assets are mainstream now and are seen as a strong hedge against inflation,” said Shivam Thakral, CEO, BuyUcoin.
Meanwhile, Ethereum is aggressively working at scaling its blockchain network, which has sparked investor interest in Ether.
“We strongly believe that the Indian government will soon announce positive steps towards crypto regulation in India. Ether has the potential to touch $10,000 in the near future and should be considered by investors for long-term wealth creation,” he added.