Cryptocurrency Claims Market Cap of $2 Trillion After Bitcoin Gains

The total market value of cryptocurrencies went over $2 trillion once again as Bitcoin¡¯s value is continuing its upward climb, along with other cryptos like Cardano, XRP, and Dogecoin joining the bandwagon.

Reuters

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Reported first by Bloomberg, the value for cryptos globally went as high as $2.06 trillion over the weekend, as reported by popular crypto tracking platform CoinGecko that tracks over 8,800 coins in real-time. Bitcoin reached its highest-ever valuation (post the massive dip) at $48,152.

The upward trend was not just with Bitcoin, but also with Cardano, as on Sunday it claimed the spot of the third-ranked cryptocurrency after Bitcoin and Ether, nearly 47 percent more than its value in the last seven days. Another popular crypto Binance coin gained 14 percent more value, XRP was up 61 percent and Dogecoin was up by18 percent.

Also Read: Indian Bitcoin Trading Apps Saw 60% Drop In Trading As Crypto Prices Fall

This rise in value was despite the crypto industry losing the change to crypto tax reporting rules in a U.S infrastructure bill. Even after this loss, more and more are taking interest in cryptocurrency not just in the US but also across the globe.

Reuters

Also Read: Ether vs Bitcoin: Analysing The Crypto Market For An Indian Investor

NYDIG Global Head of Research Greg Cipolaro said in a note dated Saturday (highlighted by Bloomberg), "The price of Bitcoin was surprisingly resilient in the wake of the news. We interpreted this price action as extremely bullish," and "we think the recognition of the crypto industry by lawmakers was ultimately a legitimizing event, one that should give investors comfort that this industry is here to stay."

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