The market value of cryptocurrencies has once again risen over $2 trillion as Bitcoin, Cardano, XRP, and Dogecoin advanced their values. The report by CoinGecko claims that it has risen to $2.06 trillion on Saturday. CoinGecko tracks over 8,800 coins. Bitcoin’s value has reached $48,152 which is the highest since May 16. In India Bitcoin prices reached Rs. 36.53 lakhs.
Cardano which is the third-ranked cryptocurrency was up 47 percent over the past seven days. According to CoinGecko pricing, Binance Coin was up 14 percent, XRP 61 percent, and Dogecoin 18 percent in the same period. Ethereum price in India is Rs.2.53 lakhs, Cardano Rs. 160, XRP Rs. 99.57, and Dogecoin is Rs. 26 as of August 16.
Fundstrat strategists noted that Bitcoin is continuing above its 200-day moving average. They added “Also on our radar is Cardano (ADA), which after signaling smart contracts are soon to hit the platform earlier this week is up” significantly.
It is interesting to note that the value rose after the cryptocurrency industry failed to win a shift to crypto tax reporting rules in a US infrastructure bill. NYDIG Global Head of Research Greg Cipolaro wrote that “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 legitimising event, one that should give investors comfort that this industry is here to stay.”