Cryptocurrency Market Value Resurrecting as Bitcoin Soars

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The cryptocurrency market value is witnessing a significant increase. As Bitcoin continued to climb over the past few days and coins such as Cardano, XRP and Dogecoin advanced, the total market cap of the cryptocurrency rose above $2 trillion (approximately Rs 1,48,56,860 crore).

According to CoinGecko (a firm that tracks more than 8,800 coins), the cryptocurrency market value rose to $2.06 trillion (about Rs 1,53,00,220 crore) on Saturday. Bitcoin reached $48,152 (approximately Rs 35.7 lakh), the highest level since May 16, as it showed staying power above its 200-day moving average. The price of bitcoin in India as of 10 am (IST) on August 16 was Rs 36.53 lakh.

However, this is not only happening with bitcoin, the rest of the coins are doing better too. Cardano, now ranked third behind bitcoin and ether, was up 47 percent over the past seven days at 1 p.m. (10:30 a.m. IST) in Hong Kong on Sunday. Binance Coin gained 14 percent, XRP 61 percent and Dogecoin 18% in the same period, according to CoinGecko pricing. The price of Ethereum in India at 10.30 am on August 16 was Rs 2.53 lakh, while the price of Cardano in India was Rs 160, the price of XRP in India was Rs 99.57 and the price of Dodgecoin in India was Rs 26.

“Bitcoin remains above its 200-day moving average,” Fundstrat strategists wrote in a note on Friday. “We also have Cardano (ADA) on our radar, which is quite high after earlier this week indicating smart contracts will soon hit the platform”.

The moves came even after the cryptocurrency industry failed to win over changes to crypto tax reporting rules in the US infrastructure bill. “The price of bitcoin was surprisingly resilient in the wake of the news,” NYDIG Global Research Head of Research Greg Cipollaro wrote in a note on Saturday. “We analyzed this price action as extremely bullish,” and “we think the recognition of the crypto industry by lawmakers was ultimately a legitimate event, which should give investors some reassurance that this industry is here to stay.”<!–

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