Bitcoin Gains To $49K After Coinbase Says To Add Crypto Holdings

The global crypto market is now value at over $2 trillion, logging an over 3 percent gain from the previous day. Volume totals to over $108.99 billion, which is indeed a fall.

At the time of writing this copy, at Indian time 7:51 am, bitcoin was seen quoting at a price of over $49K. The digital token is up close to 4%, while all other top 20 crypto assets as compiled by blockchain news outlet- Coindesk, traded with gains too barring Aave crypto. The gains were between 1-6%, led by Chainlink.

The surge in the largest and oldest crypto comes on the back of Coinbase announcing that it will add over $500 million in cryptocurrencies to add to its holdings. The crypto exchange's CEO, Brian Armstrong, also in a tweet stated that Coinbase will invest 10% "of all profit going forward in crypto." The crypto surge also coincided with steadiness in the equity market after witnessing a rout in the early days of the week.

Analysts are of the view that overbought conditions which have been unwound are providing support to the crypto rally.

Meanwhile, Cardano price on Friday hit a fresh all time high and unseated Binance crypto in total market cap. As of press time, ADA's market capitalization stood at $80.7 billion compared to Binance coin's (BNB) $72.1 billion, data from provider Messari shows. On Friday, ADA or Cardano gained by a whopping 19% and since July has seen a sharp run from lows of $1.

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