Crypto Market Reclaims Market Cap Of $2 Trillion

Lavanya Rao K

August 16, 2021

With the development of Bitcoin, cryptocurrency has made the leap from academic concepts to virtual reality. Recent news states that Bitcoin has topped $48,152 over the weekend, its highest level since May 2021. Bitcoin’s rise helped push the value of the entire cryptocurrency market above $2 trillion on Saturday, the first time since mid-May. The bitcoin recovery comes after it sold off heavily in June and July, dropping below $30,000 after hitting a record high of more than $64,000 in April. The U.S. Senate passed a massive infrastructure bill last week without any proposed amendments on crypto tax reporting that had delayed its passage. That was seen as a blow for the crypto community, but some said it showed the U.S. government was taking the industry seriously. According to the CoinGecko pricing, Bitcoin was not the only currency holding up the overall market, but XRP gained 61 percent, Binance Coin 14 percent, and Dogecoin 18 percent over the same period. Thus, the unpredictable rise and fall of cryptocurrencies and the emergence of Bitcoin have sparked a debate about its future and that of other cryptocurrencies.

Abridged fromNDTV