Thursday, September 23, 2021
HomeNewsCrypto market worth over 2 trillion for the first time since May

Crypto market worth over 2 trillion for the first time since May

Crypto market on the rise. (Photo: r.classen / Shutterstock)

The Bitcoin rally of the past few days has lifted the crypto market to a volume of over two trillion US dollars for the first time since mid-May. But the altcoins are also booming.

In view of the Bitcoin rally of the past few days, it was only a matter of time before the crypto market – also supported by the boom in Altcoins such as Cardano / ADA, Ethereum or Binance Coin – broke the psychologically important mark of two billion dollars in market capitalization for the first time since mid-May . The Bitcoin price climbed to around $ 48,000 over the weekend, approaching important resistance levels, which, according to technical analyzes, could trigger another bull run if they are exceeded permanently.

Bitcoin rally: price drops possible

Then the all-time high reached in April could be within reach as well as the $ 100,000 mark expected by some analysts. However, investors should be able to withstand severe corrections again and again. The Bitcoin price could initially reach $ 55,000 on its long way to reaching the $ 100,000 mark, as Kenetic Capital founder and crypto expert Jehan Chu told CNBC. Accordingly, price drops to below $ 30,000 are possible in between.

Some market observers are of the opinion that the infrastructure package just passed by the US Senate, which includes the regulation of crypto currencies, could have a positive impact on the mood in the crypto market, contrary to what was initially expected. After all, the US government shows how seriously it takes the crypto industry. Ex-stockbroker Jordan Belfort – alias “The Wolf of Wall Street” – had previously made a similar statement. According to Belfort, bitcoin and stablecoins would benefit from regulation.

ADA course on the rise due to Alonzo upgrade

The bullish sentiment in the crypto market is apparently so strong that even the news of the crypto theft of $ 600 million could hardly cloud it. In the meantime, it has also been found that the hackers have probably returned almost all of the money. In addition, altcoins such as Ethereum / Ether and Cardano / ADA have also risen sharply recently. The ADA rate alone has doubled since the end of July against the backdrop of the upcoming Alonzo upgrade, which will bring smart contracts to the Cardano chain.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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