As Bitcoin continues its upward climb with the addition of other cryptos such as Dogecoin, XRP and Cardano to the market, the total market value for cryptocurrencies has surpassed $2 trillion.
First reported by, the global value of cryptos reached $2.06 trillion over the weekend as per popular cryptocurrency tracking platform, which tracks more than 8,800 coins in real time. Bitcoin’s highest ever valuation was $48,152, following the massive plunge.
Cardano was also on the rise, claiming the third-ranked spot after Bitcoin and Ether. This is nearly 47 percent higher than its value over the past seven days. A popular crypto Binance coin saw a 14 percent increase in value. XRP rose 61 percent, and Dogecoin gained 18 percent.
This was despite crypto losing the amendment to crypto tax reporting rules in the U.S infrastructure bill. Despite this loss, cryptocurrency is still being sought out by many people around the world.
In a note published by Bloomberg, Greg Cipolaro, NYDIG Global Head for Research, stated that the price of Bitcoin was remarkable resilient after the news.
This price action was interpreted as highly bullish by us. We also believe that the recognition of crypto industry by legislators was ultimately a legitimate event that should give investors confidence that the industry will continue to thrive.