Bitcoin surges to $55,108 as cryptos bounce back

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The cryptocurrency market bounced back on Saturday, with the market capitalisation gaining 2.9 percent to reach $2.64 trillion as of 1350 hours GMT. The largest cryptocurrency Bitcoin gained 1.31 percent to reach $55,108. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 1.04 trillion.

Ether, the world’s second-largest cryptocurrency by market capitalisation, went up by 1.62 percent to reach $4,149. With this increase in price, the market capitalisation of ETH has reached $487.5 billion.

Similarly, XRP price inched up by 0.36 percent to reach $0.957. The market capitalisation of XRP stands at $95.7 billion after this increase. Likewise, Cardano (ADA) price went up by 1.31 percent to reach $1.58. Its market capitalisation has reached $51.7 billion with this increase.

Following suit, Dogecoin (DOGE) price surged by 0.90 percent to reach $0.207. With this increase in price, the market capitalisation of Doge has reached $27.4 billion.

Meanwhile, according to a recent study, comprehension of cryptocurrency fundamentals is low in 2021. The researchers leveraged a Yougov survey to sample roughly 1,000 participants who are aware of cryptocurrencies from each country.

The study consisted of 17 questions pertaining to cryptocurrency, bitcoin, decentralised finance (defi), non-fungible tokens (NFTs), and general sentiment. One of the key findings in the survey notes that “ownership is the best teacher,” which meant that survey participants that owned a digital currency were twice as likely to answer the 17-question quiz correctly.

The report explains that only 33 percent of the respondents thought that purchasing crypto assets was easy today. Furthermore, the survey believes “crypto is failing its mission of financial inclusion.” Ownership tends to point to wealthy and highly educated users at this point in time, according to the survey’s results. Additionally, older generations are left behind in regard to cryptocurrency comprehension, as 67% of them had a lack of crypto knowledge.

Other key findings from the survey say that Mexicans and Brazilians are more likely to buy and sell crypto in the next six months. Meanwhile, use cases can vary by geography and generation, the study details.

Twenty-five percent of Brazilians and one-third of Mexican respondents would use crypto to pay for goods and services. Just 13% of American respondents advised they would do so,” the study highlights. The survey adds: “50% of Americans advised they would utilize crypto as a way to save for the future. Younger generations are nearly three times more likely to use crypto as a means of payment than older generations who see it more as an investment.”

Source: https://dailytimes.com.pk

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