Top 5 Cryptocurrencies With Highest Market Cap As Bitcoin Hits All-Time High

• The price of Bitcoin reached a new all-time high of $69,170.63 on Tuesday before slowing on Wednesday
• The development comes as investors rushed the crypto amid renewed interest from U.S. investors
• The Central Bank of Nigeria, in the last few weeks, has been targeting cryptocurrency online, especially Binance

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The world's largest cryptocurrency, Bitcoin, reached an all-time high of $69,000 amid strong appeal from U.S. investors.

The development follows concerns that the global interest rates may fall, prompting investors to look significantly into U.S. spot exchange-traded crypto products.

According to the data published on coinmarketcap, a platform that tracks live time market data of digital coins, the price of Bitcoin climbed to $69,170.63 on Tuesday, March 5, 2024.

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This is the highest rate the digital token has ever reached since it was officially launched in January 2009.

The new rate also surpassed the November 2021 all-time peak of $68,999.99.

However, on Wednesday, March 6, 2024, Bitcoin pulled back slightly and fell more than 2.78% to trade at $67,241.22.

How Bitcoin reached a new high

Reports show that Bitcoinnew high is thanks to increased investor interest since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January.

Reuters quoted Nathan McCauley, CEO and co-founder of crypto platform Anchorage Digital, as saying:

"The Bitcoin all-time high marks a turning point for crypto.

“Traditional institutions were once sitting out; today, they are here in full force as the principal drivers of the crypto bull market."

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Top Five cryptocurrencies with the highest market cap

As of Wednesday, March 6 2024, here are the top five cryptocurrencies with the highest market cap based on data from coinmarketcap.

CBN instructs banks on crypto accounts

Legit.ng also reported that the Central Bank of Nigeria banned cash withdrawals from virtual and digital asset transactions.

This was disclosed in a new document posted on the CBN website titled 'Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers.'

According to the apex bank, an account opened for virtual assets will only be used for transactions involving virtual/digital assets and not for any other purpose.

Source: Legit.ng