“We interpreted this price action as extremely bullish,” NYDIG Global Head of Research said.
Bitcoin reached as high as $48,152 (roughly Rs. 35.7 lakhs)
The total market value of cryptocurrencies rose above $2 trillion (roughly Rs. 1,48,56,860 crores) again as Bitcoin continued to climb and the likes of Cardano, XRP, and Dogecoin advanced as well.
Cryptocurrency's market value rose to $2.06 trillion (roughly Rs. 1,53,00,220 crores) on Saturday, according to CoinGecko, which tracks more than 8,800 coins. Bitcoin reached as high as $48,152 (roughly Rs. 35.7 lakhs), the highest level since May 16, as it showed staying power above its 200-day moving average. Bitcoin price in India stood at Rs. 36.53 lakhs as of 10am IST on August 16.
It wasn't just Bitcoin holding up the overall market advance, however. As of 1pm (10:30am IST) in Hong Kong on Sunday, Cardano - now the third-ranked cryptocurrency after Bitcoin and Ether - was up 47 percent over the past seven days. Binance Coin gained 14 percent, XRP 61 percent, and Dogecoin 18 percent over the same period, according to CoinGecko pricing. Ethereum price in India stood at Rs. 2.53 lakhs, while Cardano price in India stood at Rs. 160, XRP price in India stood at Rs. 99.57, and Dogecoin price in India stood at Rs. 26 as of 10am IST on August 16.
Bitcoin continues to trade above its 200-day moving average
“Bitcoin continues above its critical 200-day moving average,” Fundstrat strategists wrote in a note Friday. “Also on our radar is Cardano (ADA), which after signaling smart contracts are soon to hit the platform earlier this week is up” significantly.
The moves higher came even after the cryptocurrency industry failed to win a change to crypto tax reporting rules in a US infrastructure bill, leaving intact language for broad oversight of virtual currencies in the legislation that passed the Senate on Tuesday.
“The price of Bitcoin was surprisingly resilient in the wake of the news,” wrote NYDIG Global Head of Research Greg Cipolaro in a note dated Saturday. “We interpreted this price action as extremely bullish,” and “we think the recognition of the crypto industry by lawmakers was ultimately a legitimising event, one that should give investors comfort that this industry is here to stay.”
© 2021 Bloomberg LP
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