Bitcoin Climbs Above $52K; Teether Crosses $50B Market Cap

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oi-Sneha Kulkarni

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Bitcoin (BTC) continues to confound bulls and bears by opening a new weekly candle in the green, moving away from $50,000. Bitcoin started the week by reclaiming $53,000 for the first time since April 22 after an uneventful but uninspiring weekend. Bitcoin climbed past $52,000 for the first time in six days, as bulls forced prices higher in early Asia trading hours Monday.

Tether now has a market capitalization of $50 billion dollars. The world’s largest stablecoin got a boost last week when it was listed on Coinbase Pro. Institutions and corporations have been driving demand for stablecoin in 2021, with the market cap rising by $29 billion since the start of the year.

Bitcoin Climbs Above $52K; Teether Crosses $50B Market Cap

The total market capitalization of all competing stablecoins is greater than the total market capitalization of all rival stablecoins combined.

Last week, prices fell to their lowest level since February, as investors worried that US President Joe Biden’s plan to lift the capital gains tax on cryptocurrencies and other assets would hurt the economy.

Other major cryptocurrencies were also up on the day, with an average gain of 3.7 percent. The UNI token from Uniswap saw some of the most significant gains, rising more than 14 percent in the last 24 hours.

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