After a big Ethereum development, Bitcoin and Ether achieved their best values in over two months. This development happened despite concerns surrounding crypto restrictions in the new US infrastructure legislation.
On Monday, leading cryptocurrencies were going in the red as investors made profits following a strong weekend surge. All the other cryptocurrencies in the list of top 10 digital tokens were also going low. The only exception was dollar-pegged tokens. Dogecoin, Uniswap, and Polkadot all lost 6 to 9 percent of their value.
The worldwide crypto market cap has dropped to $1.76 trillion, down around 3% from the previous day. The total volume of the crypto, on the other hand, fell 17% to $102.17 billion.
While Bitcoin and Ethereum continued their rise in a linear fashion during the past week, other altcoins had a far smaller increase. As the top two begin to consolidate, others are projected to pick up speed.
The United States has maintained a constant watchful eye on the uncontrolled cryptocurrency sector. In an unprecedented turn of events, the Securities and Exchange Commission (SEC) has prosecuted two crypto industry leaders for fraudulently selling over $30 million in unlicensed offers.
Ever since the May 2021 meltdown, Bitcoin has seen a resurgence in the market. Over the last month, the ‘Bitcoin Greed and Fear’ emotion has shifted from overwhelming fear to uncontrolled greed. Ethereum has also moved up 18% after the EIP-1559 launch. Ethereum is simultaneously being burnt and the resultant supply shock is visible because of low ETH reserves on exchanges.