Bitcoin New High in Three Months Brings Crypto Market to $2 Trillion Valuation
Bitcoin and altcoins continue to rally and reach a new high in nearly three months.
Bitcoin hit $47,654 in nearly three months last Saturday starting a bearish trend in the crypto asset class. As a benchmark indicator in the market other alt coins followed the rally, where Ether rallied 11% and Cardano rallied 53% according to Coindesk.
Coindesk (a news and research medium followed by the crypto community) reported crypto market cap hit a low valuation of $1.19 trillion on July 20 and the new high of Bitcoin doubled the market cap to nearly $2 trillion.
Earlier the alternate asset reached as low as approximately $30,000 due crackdown of crypto mining in China and other regulatory roadblocks in major economies. Meanwhile, the U.S senate passed the $1.2 trillion dollar infrastructure bill last week without any changes to the “Crypto Tax Rules”. This signaled many bullish investors that globally governments and regulators are further providing “credibility” to the coin.
