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Top Cryptocurrency Prices: Bitcoin Ethereum, Solana In Positive Trend

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Bitcoin surged to a five-month high on Friday, ahead of a monthly jobs report from the United States that could confirm predictions that the Federal Reserve would begin withdrawing crisis-era stimulus in November.

 

On Friday, the majority of cryptocurrencies were trading higher, but investors in the most popular digital token, Bitcoin, took profits.

Top Cryptocurrency Prices: Bitcoin Ethereum, Solana In Positive Trend

The top cryptocurrency by market capitalization climbed to $56,100, its highest level since May 12 and a month-to-date increase of 27%. It was last trading at over $55,270 per share.

Deputy Attorney General Lisa Monac of the US Department of Justice announced two new enforcement actions focused at cryptocurrencies and federal contractors who fail to report cyber incidents.

According to a note sent to clients by JPMorgan on Thursday, institutional investors seeking a hedge against inflation were primarily responsible for the recent spike in BTC's price.

Miners' holdings of Ether (ETH) have reached new highs in terms of US dollars, indicating that they are still hesitant to sell.

The amount of Ether held by miners is at its highest level since the network's inception five years ago. According to statistics given by analytics company Santiment, it is at a historic high of $1.85 billion when converted into USD.

 

Since Elon Musk, the CEO of Tesla and SpaceX, published a photo of his new pet dog, the Shiba Inu mascot, meme tokens have been trending. For the past several days, the digital token sector has been on a tear.

"Following a positive trading week, where bitcoin price hit its highest level since May, the digital asset is currently steadying at $54,400 after advancing by 24% this week. Fueled by bitcoin whales, investors have placed buying orders of nearly $1.6 million in a few minutes.

Other cryptos have rallied sharply as well this year, with Ethererum up by 2%, while Cardano gained 5%. As investment management firms such as Soros Fund Management publicly showcase their support and interest in the crypto space recently, prices and trading has been climbing. With a good start to October, we can look forward to seeing more adoption in businesses and financial institutions in the following weeks," according to CoinDCX Research Team.

Top Cryptocurrency Prices

  • Bitcoin: $55,569.46, up 2.62%
  • Ethereum: $3,642.66, up 1.92%
  • Binance Coin: $433.89, down2.24%
  • Cardano: $2.28, down 1.50%
  • Tether: $1.00, down 0.01%
  • XRP: $1.08, up 0.09%
  • Solana: $166.02, up 5.54%
  • Dogecoin: $0.252, up 2.19%
  • USD Coin: $0.9999, up 0.03%

Story first published: Friday, October 8, 2021, 16:53 [IST]
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