Crypto Market Cap Surges Past $2 Trillion, as BTC Eyes $50K
Bitcoin price reached a three-month peak price last weekend when it rose above $48.2K, even though it has shed some of those gains this morning.
Bitcoin Eyes $50K
Coindesk data revealed that on August 14, the leading cryptocurrency reached slightly past the $48K mark, its peak price since mid-May. However, at about 2:50 AM on Monday, BTC has reduced to slightly over $47K. BTC is rallying after two months of bouncing within a trading range, even declining to around $29K at some time. Then, reaching an all-time high of almost $65K in April.
Vijay Ayyar, a top executive at Luno exchange, opined that the Bitcoin price rallying is the consequence of the return of the Bitcoin bulls in the market. CoinMarketCap data shows that the total market cap of the crypto market surpassed $2 Tr. over the weekend – a first in three months, and Bitcoin price rise was mainly responsible for achieving that result.
The digital assets market has been dealing with various issues in the past couple of months. The one that made the most news was china’s increased oversight policies on its crypto industry, especially stopping the activities of Bitcoin miners. Thus, forcing them to move to Bitcoin-friendly climes. The events in China were touted as the main cause why BTC kept struggling within a price range.
US Legislature Passes Crypto Bill
This past week, the US legislature passed the much-debated infrastructure bill. Still, it did so without implementing any of the proposals regarding changes to some aspects of the bill, which was the reason for the delay in passing it previously. Even though some crypto enthusiasts that the bill’s passage will hurt the crypto market, a few argued that it is proof of the government’s keen interest in that sector.
Already, a few crypto investment firms are predicting that BTC will decline to the $29K price range before embarking on a long-term bull run that will make it surpass $55K and even trade around the $110K range by the first quarter of next year.
But didn’t react to the recent negative news, which involved a hacker stealing $610m worth of assets from a blockchain. Strangely though, the hacker has returned almost all of this money. A top executive of Luno exchange opined that he expects BTC to experience resistance around $49K and $51K. But they also forecast that once it breaks that resistance, it is on its way to a new peak price.
Singaporean Crypto Investors Hold More ETH Than BTC
New evidence by a Gemini exchange and CoinMarketCap survey shows that Singaporean crypto investors hold more eth than BTC. Almost 80% of the 4,500 respondents of the survey (most of whom are below 35 years) disclosed that their Ethereum holdings are significantly higher than their Bitcoin holdings.
The other cryptocurrency popular among Singaporean investors, especially males, is Cardano’s ADA. The survey revealed that about 39% of them have ADA holdings. However, most of their female crypto investors prefer XRP and dot to other cryptocurrencies.
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