The capitalization of crypto market, the sum of the value of all cryptocurrencies, I reached again this weekend the 2 trillion dollars after a sharp rise in the price of Bitcoin (BTC), which carries more than 50% in the last month.
After more than three months in each since its all-time high, $ 64,870 on April 14, Bitcoin regained its bullish path and went from $ 32,000 on July 15 to $ 47,000 this Saturday and pushed the rest of the cryptocurrencies Y tokens circulating the market.
Some of them doubled in value in the last 30 days as Ether (+ 95%), Cardano (+ 120%), XRP (+ 160%), Binance Coin (+ 65%), Polkadot (+ 107%) and Litcoin (+ 70%), among others.
According to the site Coinmarketcap, which analyzes the price of more than 11,200 cryptos that are exchanged in almost 400 exchanges around the world, the market capitalization reached 2.007 trillion dollars this Saturday.
The upward moves came even after the cryptocurrency industry failed to achieve a change to cryptocurrency tax reporting rules in a U.S. infrastructure bill, which raised the possibility of extensive oversight of currencies. in the legislation passed in the Senate on Tuesday.
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“The price of Bitcoin was surprisingly resilient in the wake of the news,” wrote NYDIG head of global research Greg Cipolaro, according to a Bloomberg report.
“We interpret this price action as extremely bullish,” noted Cipolaro, for whom “the recognition of the cryptocurrency industry by legislators was ultimately a legitimizing event, which should give investors the reassurance that this industry is here to stay. ”
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Even so, various analysts raise the possibility of a decline in the coming days of cryptocurrencies since it is logical that, after a rise of this magnitude, there will be a decline in its price.