Bitcoin above $30,000, other cryptocurrencies mixed

Ether dropped 0.97 per cent to $1,875 in 24 hours, but has increased 8.41 per cent on the week

Bitcoin dropped 0.04 per cent on Tuesday but stayed above $30,000. Ether also declined, while other top cryptocurrencies traded mixed following a week of gains driven by crypto-related ETF applications in the U.S. Asian equities and U.S. stock futures advanced while European markets were mixed.

Bitcoin declined 0.04 per cent to $30,402, but added 13.32 per cent during the last seven days, as per CoinMarketCap data. Prices of the original cryptocurrency have been on the up since several traditional institutional investors showed interest in introducing Bitcoin exchange-traded fund, suggesting its mainstream adoption.

Retail investors have been steadily accumulating Bitcoin over the years, and a considerable part of the supply remains untouched by long-term holders, Rajagopal Menon, VP of WazirX, India’s biggest crypto exchange in terms of volume, told Forkast.

With the rush of institutional investors and the ensuing jump in Bitcoin demand, the limited supply and illiquid nature of Bitcoin are set to drive its price up, he said.

Ether, world’s second-biggest cryptocurrency, dropped 0.97 per cent to $1,875 in 24 hours, but has increased 8.41 per cent on the week.

Cardano’s ADA token was the biggest decliner among leading cryptos, declining 2.63 per cent to $0.2828, which brought its weekly gains to 9.11 per cent. Solana was the second biggest loser among the leading cryptocurrencies, dropping 1.26 per cent to $16.73 during the past 24 hours, but has advanced 4.76 per cent during the last seven days.

The U.S. Securities and Exchange Commission filed lawsuits against crypto exchanges Binance.US and Coinbase in the week of June 5. In doing so, it named several altcoins as financial securities, including Cardano, Solana, Polygon and BNB.