Cryptocurrency Market Rises USD 2 Trillion Market Cap As Bitcoin Gains.
The total market value of cryptocurrencies rose above $ 2 trillion (roughly Rs. 1,48,56,860 crores) again as Bitcoin continued to climb and the likes of Cardano, XRP and Dogecoin also advanced.
The market value of the cryptocurrency surged to $ 2.06 trillion (roughly Rs. 1,53,00,220 crore) on Saturday, according to CoinGecko, which tracks more than 8,800 coins. Bitcoin reached $ 48,152 (roughly Rs. 35.7 lakhs), the highest level since May 16, as it showed staying power above its 200-day moving average. The price of Bitcoin in India stood at Rs. 36.53 lakhs at 10 am IST on August 16.
However, it was not just Bitcoin that held back the overall market advance. At 1 p.m. (10:30 a.m. IST) in Hong Kong on Sunday, Cardano, now the third-largest cryptocurrency after Bitcoin and Ether, was up 47 percent in the past seven days. Binance Coin gained 14 percent, XRP 61 percent, and Dogecoin 18 percent during the same period, according to CoinGecko prices.
The Ethereum price in India stood at Rs. 2.53 lakhs, while the Cardano price in India stood at Rs. 160, the XRP price in India stood at Rs. 99.57, and the Dogecoin price in India stood at Rs. 26 at 10 am IST on August 16.
Bitcoin continues to trade above its 200-day moving average
“Bitcoin continues above its critical 200-day moving average,” Fundstrat strategists wrote in a note on Friday. “Also on our radar is Cardano (ADA), which after noting that smart contracts will soon hit the platform earlier this week, has risen significantly.”
The upward movements came even after the cryptocurrency industry failed to achieve a change to cryptocurrency tax reporting rules in a U.S. infrastructure bill, leaving language intact for broad oversight of virtual currencies in legislation passed by the Senate on Tuesday.
“The price of Bitcoin was surprisingly resilient in the wake of the news,” NYDIG Head of Global Research Greg Cipolaro wrote in a note dated Saturday. “We interpret this price action as extremely optimistic” and “believe that the recognition of the crypto industry by lawmakers was ultimately a legitimizing event, one that should give investors the peace of mind that this industry is here to stay. ”
Devika Chowdhury – She is a professional news editor, writer, and blogger for the last 10 years. She is working with NewsGater as an off-beat news editor cum writer.