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Cryptocurrencies continued to record gains for the third consecutive session in mid-trading on Tuesday, June 10, supported by institutional demand for cryptocurrencies amid market anticipation of the outcome of trade talks between Washington and Beijing. Bitcoin, the world’s most expensive cryptocurrency, rose for the third consecutive session and is close to surpassing the record set in May, with the cryptocurrency’s market capitalization surging.
\nInstitutional demand for cryptocurrencies has been on the rise since the beginning of the year. Bernstein Research expects institutional demand for Bitcoin alone to reach $330 billion by 2029, with Strategy Analytics expected to capture $124 billion of this value. The company holds more cryptocurrencies than all Bitcoin treasury companies combined, and more than all countries.
\nIn contrast, the company of US President Donald Trump announced a plan to raise $2.5 billion to purchase Bitcoin, a plan that reflects the company’s confidence in the currency. Meanwhile, Smarter Web, a company listed on the London Stock Exchange, increased its cryptocurrency reserves by purchasing 45.32 units, bringing the company’s total holdings to 168 Bitcoin. In a related development, new South Korean President Lee Jae-myung is expected to allow local companies to issue stablecoins after proposing a basic law for digital assets. The president, who won last week’s presidential election, is a staunch supporter of cryptocurrency adoption.
\nThe combined market capitalization of the cryptocurrency market, which includes more than 17,000 cryptocurrencies, rose about 0.4% on Tuesday, bringing the market capitalization to $3.54 trillion, according to Coingecko.
\nBitcoin is trading at $109,694,000, up about 2.03% today, after testing the $110,600 level at the beginning of the session, with a market capitalization estimated at $2.179 trillion. Ethereum, the second-largest cryptocurrency, is up about 8.35%, trading at $2,746,000, with a market capitalization estimated at $331 billion. XRP, or Ripple, continues to maintain its position as the world’s fourth-largest cryptocurrency by market capitalization, rising by approximately 1.27% today to trade at $2.28, with a market cap of $134 billion.
\nDogecoin is up approximately 3.56%, trading at $0.1923, with a market cap of $28 billion. Cardano is up approximately 2.89%, trading at $0.6943, with a market cap of $28 billion. The world’s tenth-largest cryptocurrency launched its Cardinal protocol, marking a historic step forward in decentralized finance.
\nSolana is up approximately 1.82%, trading at $158, with a market cap of $83 billion. Sui is up approximately 2.87%, trading at $3.42, with a market cap of $11 billion.<\/p>\n
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Cryptocurrencies continued to record gains for the third consecutive session in mid-trading on Tuesday, June 10, supported by institutional demand for cryptocurrencies amid market anticipation of the outcome of trade talks between Washington and Beijing. Bitcoin, the world’s most expensive cryptocurrency, rose for the third consecutive session and is close to surpassing the record set […]<\/p>\n","protected":false},"author":1,"featured_media":7796,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-7795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-currencies"],"acf":[],"yoast_head":"\n