Yet another spike in the value of the flagship cryptocurrency, Bitcoin, pushed the capitalization of the cryptocurrency market to new highs. As a result, the indicator surpassed $2 trillion. BTC’s stellar rally, as well as some other digital assets, raised the market to a new level.
After the world’s most popular digital coin surged above $48K, the cryptocurrency market capitalization reached $2.06 trillion. Then, after a 1.4% pullback, Bitcoin headed to the $49K barrier, expanding the market capitalization even more. "The price of Bitcoin was surprisingly resilient in the wake of the news. We think the recognition of the crypto industry by lawmakers was ultimately a legitimizing event, one that should give investors comfort that this industry is here to stay," NYDIG Global Head of Research Greg Cipolaro said.
Meanwhile, altcoins have been rising in value along with the world’s first cryptocurrency. Cardano, the third-biggest coin after Bitcoin and Ethereum, scored a weekly gain of 47%, XRP surged by 61%, while Dogecoin and Binance Coin added 18% and 14% respectively.
In August, Bitcoin mining became 7.3% more difficult due to algorithm adjustments.
The fact is that algorithmic efficiency is determined by the computational powers used by the algorithm. Bitcoin is now restoring its capacity after mining went offline being banned in China in May 2021.
