Ethereum rises above 7%, Bitcoin and Dogecoin remain subdued as the crypto market fends off regulatory problems
While Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE) remained cautious on Monday evening, ether (CRYPTO: ETH) surged as global cryptocurrency market capitalization rose 2.62% to $ 1.42 trillion.
What happened: BTC was trading 0.68% higher at $ 34,916.39 in the 24 hours of press time, while DOGE was trading 0.68% lower at $ 0.26 over the same period.
DOGE traded 1.61% lower against BTC and 7.56% lower against ETH over 24 hours.
See also: How to Buy Dogecoin (DOGE)
ETH rose 7% to $ 2,124.73 over 24 hours at press time. Vitalik Buterin’s co-created currency is up 11.5% over a seven-day period.
Internet computer (CRYPTO: ICP) continued its uptrend, rising 16.53% in 24 hours to finish at $ 49.76 at press time. The cryptocurrency is up 38.49% in seven days.
The top winners on Monday evening were Kusama (CRYPTO: KSM), connection (CRYPTO: COMP) and Bitcoin SV (CRYPTO: BSV).
KSM and COMP rose 27.85% and 24.86%, respectively, to $ 230.33 and $ 319.64, respectively, while BSV gained 20.37% over 24 hours to $ 158.35.
The weekly gains at KSM, COMP and BSV were 8.24%, 42.45% and 36.30%, respectively.
Why it matters: The cryptocurrency market has managed to maintain its green hue despite recent regulatory crackdowns in China, the UK and elsewhere.
See Also: Bitcoin Ethereum Co-Founder Says “You Need To Update The Damn Thing”
Mexico’s Finance Minister Arturo Herrera made it clear on Monday that there is a ban on the use of cryptocurrencies in the country’s financial system, Coindesk reported.
Herrera’s clarification came after billionaire Bitcoin bull Ricardo Salinas Pliego said he was making efforts to make Banco Azteca the first bank to accept the cryptocurrency.
On Monday, Cathie Woods ARK Invest was the last to jump on the bandwagon of exchange-traded Bitcoin funds by filing for approval from the US Securities and Exchange Commission.
Such ETFs have long been denied approvals by the SEC, citing volatility and potential risks for investors.
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