Crypto market cap exceeds 2 trillion dollars for the first time

Bitcoin passed the $48,000 mark over the weekend, which was its highest point since May 17th, although it lost some ground due to liquidations. At the time of writing, its price was around $47.600.

 

In general, the largest digital currency has recovered after the significant pressures it received, mainly in June.

 

However, with its rise to $48.126 on Saturday, which made other digital currencies’ prices go up, the total crypto market exceeded the limit of 2 trillion dollars, for the first time since mid-May, according to data from CoinMarketCap.

 

This is impressive, if we take into account the obstacles that the industry had to go through over the summer. One of the highlights was Beijing’s decision to toughen its stance on cryptocurrencies, from cryptocurrency trading to crypto mining. In fact, the authorities’ “hunt” for mines was one of the main reasons that the largest crypto currency fell to below $30.000.

 

Analysts say that is Bitcoin stays above the $53.000 line, it will be able to maintain the $1 trillion market capitalisation. Ethereum’s market cap is currently 224 billion dollars, and Ether recorded a high of $2.144 last Friday.

 

 

Bitcoin has seen great rise in its price, of more than 100% this year alone, while other crypto currencies, like Ether, gained 190%. These massive growths in their price are also a result of large companies entering the crypto world, such as Tesla and BNY Mellon.

 

As for the future of Bitcoin, although a continued rally to $55.000 is not ruled out, most analysts believe that the resistance level between $48.000 and $50.000 will keep the digital currency lower for longer.

 

According to Kenetic Capital’s Jehan Chu, a period of significant correction is likely to bring Bitcoin back to $30.000, and such a correction will pave the way for a steady upward trend that could bring its price up to $100.000, in 2022.

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