When Bitcoin, Cardano, XRP and Dogecoin all rose, the total market value of cryptocurrencies exceeded $ 2 trillion for the second time. On Saturday, the market value of the cryptocurrency rose to $ 2.06 trillion and hit over 8,800 coins.
Bitcoin continues to move above its 200-day moving average, climbing to $ 48,152, its highest level since May 16. Cardano, which is now the third-placed cryptocurrency behind Bitcoin and Ether, rose 47 percent in the past seven days, keeping the overall market surge going.
Over the same period, Binance Coin increased by 14%, XRP by 61% and Dogecoin by 18%.
Bitcoin soared on Aug 13 after the U.S. Treasury Department announced it wouldn’t crack down on software developers, miners, stakers, and hardware dealers despite the U.S. Senate passing a $ 1 trillion infrastructure bill on the corrosive bitcoin -Tax clause approved. Double-digit gains in XRP, Cardano and Dogecoin, however, were a symptom of increasing market foam.
Bitcoin has stayed above its 200-day moving average
Bitcoin is still trading above its 200-day moving average, which is pretty important. Cardano (ADA), which has increased significantly after the announcement of smart contracts, will soon be coming to the platform earlier this week.
BTC currently stands at $ 47,504.09, up 3.27%. Over the past 24, the trading volume of the coin is $ 32,446,406,406 along with the market capitalization of $ 892,709,171,950.
The ADA and XRP communities expect higher increases. Barry Silbert, founder of the Digital Currency Group and Grayscale, tweeted today that $ 100,000 is now a magnet for Bitcoin, just as he said it was above the $ 20,000 mark two years ago.
The gains came despite the cryptocurrency industry’s failure to enforce a change to crypto tax reporting laws in a U.S. infrastructure bill approved by the Senate on Tuesday, which left the wording intact for comprehensive oversight of virtual currencies.