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Why is Bitcoin Up This Week?

Bitcoin’s price at one point on Thursday reached $24,748.43 up by 4.81% with 24-hour trading, according to Coinbase. Thursday’s increase is a continuation of the rally by the first cryptocurrency with its price rising by 7.69% in just one week. Bitcoin currently enjoys a market cap of $470.5 billion and has a current circulating supply of 19,118,581 BTC coins.

Across the board prices of cryptocurrencies are seeing a surge this week after a softer-than-expected inflation report, with Ethereum, Bitcoin’s biggest rival leading the pack with its value rising by 18.63% in the past week. Currently, Ethereum’s price is being traded at $1,910.655 per ETH.

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