The largest and most well-known cryptocurrency in the world, Bitcoin, had its price increase by more than 4% today, reaching USD 1,018. On the other side, Ether, the second-largest cryptocurrency and coin connected to the Ethereum blockchain, also increased by more than 7% to USD 1,272.
"On Tuesday, Bitcoin increased by around 4% from the day before. BTC climbed beyond USD 16,900 in the last 24 hours after hitting a low of USD 16,054 to start the week. BTC rose from USD 16,200, which had been in play for the previous two weeks, throughout this spike. More bulls could soon enter the market and push BTC past the USD 17,000 milestone if the price continues to move upward. Ethereum, the second-largest cryptocurrency, has also risen in value and is currently trading at USD 1,270. Bulls may push Ethereum (ETH) beyond USD 1,300 today, according to Edul Patel, CEO and Co-Founder of Mudrex.
According to data from CoinGecko, the market capitalization of all cryptocurrencies worldwide today stayed below the USD 1 trillion threshold, although increasing in the previous day to USD 895 billion.
Shiba Inu was up more than 2% at USD 0.000009, while Dogecoin was trading more than 6% higher at USD 0.10. Other cryptocurrency values performed better today as well, with advances seen in the prices of Binance USD, Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap, ApeCoin, Tron, Polygon, XRP, Cardano, Chainlink, and Litecoin during the past 24 hours.
Genesis, a US cryptocurrency brokerage, announced on Wednesday that it was attempting to avoid bankruptcy after Bloomberg News reported on Tuesday that the company's creditors were banding together with restructuring attorneys to avoid insolvency.
The sudden demise of FTX, where its derivatives business has around USD 175 million in frozen assets, led the crypto lending division of US digital asset broker Genesis Trading to restrict customer redemptions earlier this month, the company had claimed. It stopped redemptions soon after disclosing on Nov. 10 that it had USD 175 million locked in an FTX trading account and had previously advised prospective investors that it could need to file for bankruptcy if its efforts to obtain finance failed.