Cryptocurrency prices today continued to surge with Bitcoin trading above $47,000 level. Bitcoin, the world’s biggest and best-known cryptocurrency, is up more than 70% from the year’s low of $27,734 on January 4.
The total market value of cryptocurrencies rose above $2 trillion again as Bitcoin continued to climb and the likes of Cardano, XRP and Dogecoin advanced as well during the weekend.
As per CoinDesk, Bitcoin prices were trading higher at $47,583. Ether, the coin linked to ethereum blockchain, was also trading with minor gains at $3,309.6.
Dogecoin, on the other hand, surged over 9% to $0.33. Other digital coins like Stellar, Uniswap also surged over the last 24 hours. XRP, and Cardano, which were trading more than 1% lower.
Crypto’s market value rose to $2.06 trillion on Saturday, according to CoinGecko, which tracks more than 8,800 coins. Bitcoin reached as high as $48,152, the highest level since May 16.
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, reported Bloomberg.
Before the rebound over the past few weeks, the crypto sector had been weighed down by a crackdown in China and worries over the environmental impact of the energy needed to create coins and process transactions.
Supportive comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood had helped Bitcoin rally.
With inputs from Mint.
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