Cryptocurrency Market Capitalization Tops $2 Trillion; Bitcoin Climbs To Its Highest Price Since Mid May

The global crypto universe commands a market capitalization of $1.99 trillion, up 1.66% over the last 24 hours as on August 16, 2021 (8:58 pm IST). On an intra-day basis, the crypto market capitalization breached levels of $2 trillion for the first time since mid-May on gains in the bitcoin which in early trade today hit levels of $48,048, its highest price since May 17. The overall crypto market volume during the last 24 hours has been $118.78 billion, which makes for a 13.38% gain.

Bitcoin, the largest and oldest cryptocurrency at around the time of writing this copy was trading with minor gains of over 0.6 percent at $46,232 as per Coindesk.com- a blockchain news outlet. Furthermore, among the 20 top crypto assets list as compiled by the platform, few of the digital tokens traded with gains of over 10% including Dogecoin, Chainlink and Polkadot, while few even traded in the red including Ethereum Classic, Bitcoin Cash, USD Coin, Tether and Ripple.

Bitcoin (BTC) is said to be holding support above $42K and could see resistance near $50K as the short term momentum at the back of the short squeeze rally recedes. The crypto remains in breakout mode after breaching levels of $42K, marking the conclusion of the two-month long consolidation.

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