Bitcoin Tops $45K Levels; Institutional Activity In Cryptos Picks Up

As per Coinmarketcap.com, market-capitalisation of the global crypto universe as of August 9, 2021 stands at $1.84 trillion, with a 1.35% gain over the previous 24 hours. The market volume over the same period has however inched lower by over 10% to $106.37 billion.

Bitcoin, the oldest and most valuable cryptocurrency by both market cap and volume topped $45,000 levels and at around 5:15 pm traded higher by over 2% at $45,664. On a weekly basis, the crypto registered gains to the tune of more than 15%.

Institutional activity is rising in the cryptocurrency market despite looming concerns around the proposed cryptocurrency tax reporting in the US infrastructure bill. "This is reflected in the Grayscale premium reaching toward positive territory, albeit slowly," says Chapple-head of trading at digital asset firm Zerocap in a Coindesk report. Coindesk is a blockchain news outlet.

"The 200-day moving average at approximately $45,000 has provided some resistance - a clean break here could lead to the next accelerated push higher," Chapple added.

The higher price highs (HH) and higher price lows bullish chart pattern of bitcoin suggests there is risk-on sentiment in the market that has drove prices toward the 200-day moving average. This is a significant mark pointing to bullish activity if the prices are above and bearish when lower.

Other top digital assets as compiled by Coindesk are trading mixed, with losses in Chainlink, Polygon, Dogecoin among others to the tune of up to 1.5%. Notably Ethereum crypto has now scaled levels of $3,130.

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