The cryptocurrency market turned bullish on Friday, with market capitalisation jumping 5.3 percent to reach $2.53 trillion. As of 1200 hours GMT, the largest cryptocurrency Bitcoin’s price went up by 5.28 percent to $50,992. With this increase in price, the market capitalisation of the biggest crypto has reached $964 billion.
Ether, the world’s second-largest cryptocurrency by market capitalisation, gained 3.68 percent to reach $4,088. With this increase in price, the market capitalisation of ETH has reached $480 billion.
Similarly, XRP price gained 1.35 percent to reach $0.979. The market capitalisation of XRP stands at $97.9 billion after this increase.
On the other hand, Cardano (ADA) price took a giant leap of 7.98 percent to hit $1.46. Its market capitalisation has reached $47.9 billion with this increase.
Similar was the case with Dogecoin (DOGE) whose price went up by 4.72 percent to reach $0.184. With this increase in price, the market capitalisation of DOGE has reached $24.4 billion.
The crypto industry is evolving and attracting new participants every day. The crypto world is dynamic and always changing, that’s why the industry is constantly updated with new technologies and trends. The year 2021 has been a roller-coaster ride of a year for the cryptocurrency ecosystem, with many countries across the world taking decisive steps to either regulate or place an outright ban on this emerging, relatively-nascent asset class.
According to a recent report by the Global Legal Research Directorate (GLRD) of the Law Library of the US Congress, 51 countries have placed heavy restrictions on all cryptocurrency-associated transactions. Out of these, eight jurisdictions like China, Iraq, Bangladesh and others have put in place absolute bans, declaring crypto to be completely illegal.
On the other hand, 42 jurisdictions have imposed implicit bans. This implies banning operations of crypto exchanges, along with prohibiting financial institutions from dealing and offering services involving cryptocurrencies.
But numbers worldwide suggest that despite this, cryptocurrency adoption is exponentially surging. Venture capital funds across the world invested a cumulative of $30 billion in this space in 2021, a figure more than the total of all investments made over the last few years.