Cryptocurrency news: Bitcoin crosses $50,000 mark, up by 4.3%, Solana declines by 3.6%

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The world’s biggest and oldest cryptocurrency Bitcoin increased by 4.37% and has breached the $50,000 mark on Wednesday, trading at $51,557.02, as it recorded inflows for the third straight week. The crypto fell below that level back on September 7, amid a broader sell-off in cryptocurrency and blockchain-related firms. It continued to fall, hitting a low of $40,596 on September 21. Similarly, the world’s second-largest token Ethereum inclined by 3.02% to $3,496.07. Alt coin Cardano, Binance Coin, XRP and Dogecoin increased by 0.62%, 2.53%, 2.24% and 3.46%.

On the other hand, Solana and Polkadot were the only laggards, which declined by 3.66% and 1.17%. In terms of ranking, Binance Coin moved from fourth to third, while Dogecoin moved to eighth position.

Cryptocurrency prices

Demand for cryptocurrencies in India fueling growth in Asia and Oceania

India’s widespread demand for digital coins is facilitating regions across central and southern Asia and Oceania, making them one of the fastest-growing markets for cryptocurrencies, according to chainalysis.

As per the report, the regions are witnessing stronger expansions after the middle east and much of Europe, with India and Pakistan markets growing by 641% and 711% respectively over the past 12 months.

Apart from India, the report also found an increasing adoption of cryptos in Pakistan and Vietnam. However, India’s share of activity on decentralized finance was 59% higher as compared to the latter two nations. According to the report, regional crypto-related venture capital investment jumped.

It also said that large institutional-sized cryptocurrencies transfer above $10 million from India was at 42% as against 28% from Pakistan and 29% from Vietnam.

Shiba Inu increases by 45% after tweet from Elon Musk

Shiba Inu surged by over 45%  in the last 24 hours. As of Tuesday, the token is trading at $0.00001264, while its market cap stood at $4,987,163,972. It had risen by 49% on Monday.

The rise comes on the back of a tweet from Tesla CEO and Dogecoin investor Elon Musk. In the tweet, he had shared a picture of his new pet dog named Floki, with the caption ‘Floki Frunkpuppy’, which had caused a sudden surge in prices.

In the recent past, Musk has always been an advocate for Dogecoin and has been at the forefront for the price rise in Shiba Inu as his pet is an internet favourite now.

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf

— Elon Musk (@elonmusk) October 4, 2021