Last month, the global cryptocurrency market capitalisation surpassed the $2 trillion mark after a reasonably extended bull run. Experts now predict that Bitcoin, the world’s largest and most valuable cryptocurrency, will surpass $100,000 by the end of 2021. Other cryptocurrencies, including Cardano, XRP, and Dogecoin, are also likely to perform well.
According to research, the global market cap of cryptos surpassed $2 trillion in August. Bitcoin, Cardano, XRP, and Dogecoin were among the top gainers. According to CoinMarketCap data, the current global crypto market cap is $2.29 trillion, a 0.04 percent increase from the previous day.
The quick growth in the value of cryptos is considered as an indication of their broader acceptability by a variety of investors around the world.
Bitcoin surpassed $50,000 for the first time since May in August, capping off a long-awaited recovery. According to NDTV Profit, this was due to investors’ optimism that additional US stimulus expenditure will result in higher gains for the virtual currency. Bitcoin has increased by around 81 percent since hitting an annual low of $27,700 in January 2021, according to the research.
Several established financial institutions are now allowing their consumers to access cryptos, which is supporting the virtual assets once again. PayPal, for example, recently announced that its UK customers would be able to conduct cryptocurrency transactions.
“Two fundamental factors that are likely driving Bitcoin’s push: Twitter’s potential integration of the coin as a Tip Jar payment option, and the official launch of Bitcoin as legal tender in El Salvador on September 7,” said Petr Kozyakov, co-founder and CEO of global payment network Mercuryo, in an email, according to a Bloomberg report. “While we expect the $50,000 price level to remain, Bitcoin buyers are more optimistic about a larger price gain by year’s end.”
According to a Barron’s study, the regulatory environment is only growing tighter. According to the report, Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), has urged crypto businesses not to launch products or services without first registering with regulators. “They should not come ‘begging for pardon’ after launching without doing so,” he said, according to the report.