The world’s most popular cryptocurrency rose to a record $57,553, taking its weekly gain to around 20%. It has surged nearly 100% this year.
Bitcoin hit a fresh high on Saturday, extending a two-month rally that took its market capitalization above $1 trillion on Friday.
Bitcoin’s gains have been fueled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon.
Ether, the second-largest cryptocurrency by market capitalization and daily volume, on Saturday hit a record $2,040.62, for a weekly gain of about 12%.
Ether is the digital currency or token that facilitates transactions on the ethereum blockchain. In the crypto world, the terms ether and ethereum have become interchangeable.
Ether futures contracts launched on derivatives exchange CME earlier this month.
Elon Musk, the billionaire chief executive of Tesla, said on Saturday the price of bitcoin and ethereum seemed high.
Cryptocurrencies are not legal tender in India, and while exchanges are legal, the government has made it very difficult for them to operate.
In India Bitcoins can not be withdrawn into a bank account directly.
This means in India one can either sell them to somebody who then transfers money to your bank account, or you can sell them at an exchange and withdraw the funds from there.
India doesn’t have a regulatory framework for cryptocurrency at present. In 2018, the RBI had effectively banned crypto transactions after a string of frauds in the months following Prime Minister Narendra Modi’s sudden decision to demonetise (ban) 80% of the nation’s currency.