Cryptocurrency Market Passes $ 2 Million As Bitcoin Price Rises

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The total value of the entire cryptocurrency market topped $ 2 trillion over the weekend for the first time since May, fueled by a further surge in the price of bitcoin and other digital coins.

The price of bitcoin topped $ 48,100 at some point on Saturday, its highest level since May 17, according to data from Coinbase.

It had slashed some of its weekend gains on Monday, with the digital token last seen trading at around $ 46,500 per coin, up almost 1% from 24 hours earlier.

The price of bitcoin is still nearly 32% below its peak of over $ 64,000 per coin it saw in mid-April, but the crypto has seen a rally of around 46% from it. a month ago, when it had fallen to about $ 30,000 per coin. piece of money.

Other cryptos have also helped push the broader market past $ 2 trillion. Binance coin, which has a market cap of $ 71.4 billion, traded 4% higher on Monday at $ 424.60 per coin, according to Coinbase.

Spikes in the price of bitcoin and other digital coins have helped the cryptocurrency market rise above $ 2,000,000 for the first time since May.REUTERS / Dado Ruvic

Dogecoin was last seen trading over 8% higher, at 33 cents per coin.

The crypto market has faced a number of hurdles since enthusiasm in the industry peaked in the spring.

The Chinese government’s renewed control of cryptocurrencies and in particular of bitcoin mining, the energy-consuming process of producing new bitcoins and verifying transactions of the current bitcoin supply has put pressure on prices in recent weeks. .

More recently, the U.S. Senate last week passed a version of the $ 1.2 trillion infrastructure bill that did not contain any of the proposed amendments to the crypto tax return that had been a major point of contention in the ‘industry.

As bitcoin hit $ 48,100, the coin saw its value peak at $ 64,000 per coin in April.AP / Rick Bowmer

This was seen as a big blow to the sector, as it could impose more tax regulations on the industry, although some industry advocates said it was a sign the government was taking explosive growth seriously. of the sector.

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