Bitcoin topped $ 50,000 on Monday after PayPal (NASDAQ: PYPL) announced it was launching its crypto service in the UK. The largest cryptocurrency by market capitalization rose 2.5 percent to $ 50,152.24, its highest level since mid-May.
Global crypto market cap is up 1.68 percent in the past 24 hours to $ 2.14 trillion. In the past 24 hours, the total crypto market volume rose 3.32 percent to $ 105.77 billion. The DeFi volume is currently $ 16.82 billion, or 15.90 percent of the total 24-hour volume of the crypto market.
ETH and ADA on the advance
Ethereum and Cardano (ADA) are also making good progress in the crypto market. Ethereum is currently trading at $ 3,321.95, up 1.78 percent. The market capitalization of ETH is $ 389,297,506,732, with a 24-hour trading volume of $ 19,956,556,025 at the time of writing.
Cardano, on the other hand, has beaten Binance’s native token as the third largest cryptocurrency by market cap as its price has soared to an all-time high. In terms of performance since the beginning of the year, it also outperformed Bitcoin and Ethereum with an increase of 1,444 percent. At the current price of $ 2.82, Cardano has a market capitalization of $ 90,706,915,324. In the past 24 hours, the price has risen a staggering 11.3 percent.
In the statement, Jose Fernandez da Ponte, PayPal’s vice president and general manager for blockchain, crypto and digital currencies, said we are committed to continuing to work closely with regulators in the UK and around the world to provide support and meaningful contribution determine the role of digital currencies in the future of global banking and trading.
PayPal announced that people in the UK can buy, store and trade four types of cryptocurrencies: Bitcoin, Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
As a result of this move, the company claims that “the access, knowledge and study of cryptocurrency has the potential to become popular in the UK”.