Crypto Update: Know The Significant Increases In The Crypto Market

The crypto market in the second week of August did not remain depressed. Let us have a quick look at the crypto update from 9 August to 15 August 2021.

In the early hours of this day, as per an analysis by the coinmarketcap the digital currency market capitalization crossed the benchmark of $2 trillion as ADA (the native token of Cardano) flips the market capitalization of Binance (BNB) on the news of the launch date of its official smart contract. This is breaking crypto news among all other crypto updates. 

The market capitalization of digital currency has been on a bullish run in the previous month. A month ago the market cap was at $1.3 trillion but since then there has been a 53 percent increase and presently the crypto market cap stands at $2 trillion. You may wonder if there is any crypto crash today. The answer is No. The crypto market is presently witnessing significant growth in its market cap.

The appreciation in the market cap is the outcome of bullish activity from Bitcoin and various other altcoins that posted double figure gains. The flagship digital coin, Bitcoin has received 45% in the previous month to presently standing at $47,588 (as of 14.08.2021), currently attacking the resistance point of $48,000.

Other than Bitcoin, other Altcoins have also seen double figure increase, for example, XRP the native token of Ripple has gained 87% to presently standing at $1.15, the native token of Binance, BNB have gained 34% and currently stands at $410 and ADA, the native token of Cardano stands at $2.18, gaining 75%.

There is another thing to note, the price of ADA at $2.18 implies that the token takes the third position away from BNB, with its market cap currently being at $69.5 billion. The market cap of BNB presently stands at $68.9 billion. The rapid increase in the price of ADA is the outcome of the launch of the smart contract, which has been the latest news on cryptocurrency in India and abroad.

Crypto News Today India

According to the live crypto updates, the rebound of Bitcoin from the depths of July is still missing out on its usual star players: Leverage. Bitcoin is up in five of its previous 7 sessions. It has been steadily climbing up, breaking the key levels that are said by bulls to precipitate an upcoming rally. This includes Friday when Bitcoin prevailed to increase as much as $46,679 which is a 4.9% increase.

Crypto Update: Present Value Of Cryptos As Of 14.08.2021

Bottom Line

While writing this crypto update, this digital currency market seems to be back in the bull form, as many altcoins are increasing in double figures in the last 7 days. This digital currency market suffered in May significantly which led to the decrease in the market cap from $2.5 trillion to $1.2 trillion, which portrays a 52% decline. But now the market seems to be recovering to trade its highest values before the crypto crash that caused Bitcoin and many altcoins to gain more than 50% losses.

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