Stock of the Week: Bitcoin price on fire, crypto market cap over $2 trillionย ย
It has been a rollercoaster ride for Bitcoin traders as the crypto king pushedย towards $50,000 and increased the crypto market cap to more than $2 trillion. Hereโs how you stand to gain!ย ย
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Bitcoinย (BTC)ย has experienced its biggest rally in the past month as the cryptocurrency tested the psychological $50,000 level on August 14.ย ย
Bitcoin bears pushed the crypto king beyond the $45,000ย resistanceย level to reach a high of $48,152, its highest since May 16.ย ย
Wantย your share of the crypto king? Buy Bitcoin today!ย
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Crypto market valued at more than $2 trillionย ย
The total market value of cryptocurrencies rose above $2 trillion again as Bitcoin continued to climb. The totalย crypto marketย volume over the past 24 hours is $113.43 billion, a 3.28% increase.ย ย
Not onlyย Bitcoin saw a surge in value,ย but alsoย rival coins including Cardano, XRP and Dogecoin advanced.ย
Cardano, now the third-ranked cryptocurrency after Bitcoin and Ether, is up 47% over the past week.ย Binanceย coin increase by 14%, XRP 61% and Dogecoin 18% over the same period in August.ย ย
Will the momentum continue?ย ย
Momentum across the crypto market remains positive. BTC is inching closer to $50,000 with renewed predictions of the digital currency reachingย its previous record of $64,000 and beyond.ย ย
Crypto traders have yet to meaningfully use leverage as they have in past rallies. This could be due to Bitcoin’s major crash in April and its slow rally beyond $40,000.ย ย
The rally follows a change to crypto tax reporting rules passed in the recent US infrastructure bill. Many investors see the laws as a legitimizing event,ย providingย security for the entire market.ย ย
Tradeย cryptocurrency theย easyย wayย
ย Best performing asset of the past decadeย ย
Theย cryptocurrencyย market reached record highs and suffered a disastrous retraction in April 2021 when Bitcoin reached a record of $63,000 only to collapse to $30,000.ย ย ย
Yet despite the recent pullback,ย cryptoย has grown tremendously. Bitcoin has amassed an astonishing 209,000% return on investment in 10 years, making it one of the best-performing assets of the past decade.ย ย ย
Bitcoin remains some $15,000 off its mid-April high of $63,000.ย ย
The best place for Bitcoinย trading in South Africa!ย
Overallย ย ย
The crypto market and underlying blockchain technology are still in their infancy in terms of global adoption. This has not stopped the crypto market from reaching trillions in value.ย ย
Earlier this year, many institutions have invested in crypto,ย andย El Salvadorย has plans to use digital coins as legal tender.ย ย ย
The crypto market is extremely volatile and can be swayed by rumors and influencers more than most. A good example was the rumor thatย Amazonย was set to adopt Bitcoin as a form of payment in July. While this rumor proved false,ย it nevertheless set the price of Bitcoin soaring.ย ย
Overall, the increase in global legislation and oversight will ultimately legalize and legitimize the former โwild west of tradingโ andย draw even more investors to the digital currency marketย soon.ย ย
How to get your share of the actionย ย ย ย ย
Join a community of 1 million registered clients that utilize the multi-award-winning platform of CMTrading toย tradeย more than 150ย assets.ย ย ย
CMTrading clients benefit from buying or selling the top-performing cryptocurrencies including Bitcoin, Ethereum, Ripple and Litecoin via their desktop or mobile throughout the day.ย ย ย
Hereโs how you can join them today:ย ย ย ย
- Openย a trading accountย ย ย ย
- Download the trading platform.ย ย ย
- Start trading!ย ย ย
If you have any questions, please do not hesitate toย contactย one of our customer support representatives or your trading specialist!ย ย ย
