Cryptocurrency: Bitcoin Hovers Near $55K, Ethereum Up 5%

Bitcoin prices have risen more than 32% in the last seven days to their highest level since May, adding to gains seen earlier this month as institutional interest has grown. Ether, the second-largest cryptocurrency by market value, was trading at $3,571, up more than 5.17%.

Bitcoin, after reaching above the $55,109 threshold on Wednesday, the world's largest and most popular cryptocurrency today gained over 7% to trade at $55,109.

"Bitcoin reached a 5-month high, trading above US$55,000 just the day before. Memecoins followed suit with the Shiba Inu crypto climbing 216% to become the world's 15th-biggest digital asset by market value, closely rivalling Dogecoin-the industry's largest meme coin.

This comes as the Securities and Exchange Commission Chairman Gary Gensler echoed a similar rhetoric to the Federal Reserve, reaffirming the crypto industry that the US has no intention of banning crypto. Instead, Gensler hinted at regulating stable coins and urged crypto exchanges to register with the SEC. As traditional markets struggle with falling stock prices and the uncertainty of China's property sector, investors turning to cryptos like bitcoin - evidence of digital asset's continued resilience and safe-haven qualities," CoinDCX Research Team said.

Mark Cuban, the billionaire entrepreneur, has once again promoted Dogecoin as the superior cryptocurrency over more strong rivals such as Bitcoin. People like to spend Dogecoin on goods and services since it appreciates so much at such frequent intervals, he claims. Bitcoin, for example, recently surpassed $50,000 (Rs. 37 lakhs), rising more than $10,000 (Rs 7.47 lakhs) in a week.

Analysts anticipate Bitcoin's price will shortly double to $100k, based on its current performance. Furthermore, they believe that if BTC keeps its bullish endeavour, it will be able to reach the $100,000 mark.

Following China's ban on cryptocurrency transactions and the volatility surrounding El Salvador's botched launch of the digital coin as legal cash, Bitcoin has risen in value. Bitcoin is up 89 percent so far this year, but it is still far from its all-time high of near $65,000.