The cryptocurrency market reaches a market cap of $ 2 trillion

The cryptocurrency market reaches a market cap of $ 2 trillion

The complete market worth of cryptocurrencies exceeds 2,000 Billion USD when the price of Bitcoin, Cardano, XRP and Dogecoin skyrocketed.

The market capitalization of the digital forex rose to VND 2.06 trillion USD in August 16, based on CoinMarketCap. Bitcoin as soon as hit $ 48,152, its highest stage since May 16, and is above the MA200.

It’s not simply Bitcoin that powers the digital forex market. Cardano – the third largest cryptocurrency after Bitcoin and Ethereum – is up 47% up to now 7 days. Binance Coin is up 14% over the identical interval, Ripple is up 61% and Dogecoin is up 18%.

“Bitcoin continues to hover above the critical MA200,” wrote Fundstrat strategists in a report dated August 14th. “Cardano is also on our radar, which has risen sharply after smart contracts were signaled on the platform.”

The crypto market is benefiting though the crypto trade was not but in a position to meet the tax reporting necessities for digital currencies within the US infrastructure proposal.

“Bitcoin prices have been surprisingly firm on the news,” mentioned Greg Cipolaro, director of world analysis at NYDIG, in an Aug. 14 report. “We view price actions like this as extraordinarily bullish and assume that recognition from decision-makers within the crypto trade may very well be a legitimacy occasion. This offers traders a sense of reduction that the crypto trade will survive. “

Despite the surge, specialists say the digital forex market lacks excessive leverage traders.

Bloomberg estimates that crypto traders nonetheless have not amassed sufficient leverage as they’ve on earlier Bitcoin rallies. The unfold between Bitcoin futures and Bitcoin’s spot price has narrowed considerably since February 2021 as Bitcoin was on its option to historic highs. This state of affairs reveals that traders aren’t inquisitive about bringing extra leverage into shopping for Bitcoin.

“Usually leveraged investors come later in the bitcoin bull cycle. If so, the 100,000 target. U.S. dollar is very reasonable, “mentioned Ouellet.(*2*)

Vu Hao (based on Bloomberg)