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In brief: The crypto market is on the way up once again. Thanks to Bitcoin reaching its highest price since May, the overall cryptocurrency market cap has risen above $2 trillion for the first time in months. The news comes after Intel revealed it has a $763,000 stake in exchange platform Coinbase.
April was a boom month for crypto as Bitcoin reached its record high of $64,000, helping push the market’s overall cap above $2 trillion. But several factors, including China's clampdown on mining and Elon Musk’s influence, saw BTC’s price fall more than half by mid-July.
Bitcoin's price over the last 12 months
Bitcoin has rebounded strongly in the last few weeks, moving from just under $30,000 to its current price of $46,000. Reuters writes that the price is still below the $53,000 mark BTC needs to maintain a $1 trillion market cap, but it’s enough to push the overall crypto market above $2 trillion once again.
Ethereum, the second-largest crypto in terms of market cap, is also experiencing a resurgence. It’s currently at $3,161, its highest price in three months. ETH has an overall market cap of $370 billion, while Bitcoin is currently at $862 billion.
“Momentum and interest have begun to expand beyond Bitcoin and Ethereum,” Paolo Ardoino, chief technology officer at crypto exchange Bitfinex, told Reuters.
“As the industry continues to mature, we expect more blockchain-based applications to be introduced to the world, and coinciding with that, a surge of interest around other alternative assets... as they become more market-ready,” he added.
Crypto’s rise comes soon after Intel revealed in a filing with the US Securities and Exchange Commission that it has a stake in Coinbase. As of June 30, Chipzilla owned 3,014 Class A shares worth around $763,000.
In other crypto news, we recently heard that the limiter on Nvidia’s RTX 3000 LHR series had been partially bypassed, increasing the GPUs' mining performance to 70%.
Masthead credit: Tom Stepanov