Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crypto market cap exceeds $2 trillion; Walmart job advert, ADA upgrade in focus

CryptocurrencyAug 16, 2021 07:10AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

By Samuel Indyk

Investing.com – The total market capitalisation of all cryptocurrencies exceeded $2 trillion for the first time since 18th May amid a recent surge in price of major coins, including Bitcoin, Ethereum, and Cardano.

Over the weekend, Bitcoin broke above the 50% Fibonacci retracement level from the April high to July low near $47,000 to trade above $48,000 for the first time since 16th May.

The world’s largest cryptocurrency also continues to trade above its 200-day moving average, which currently resides around $45,460.

Walmart (NYSE:WMT) job opening

One reason cited for the latest upward move in cryptocurrencies is a job opening posted by Walmart on their LinkedIn page for a ‘Digital Currency and Cryptocurrency Product Lead’.

The euphoria around the job advertisement is not quite the same as it was for a similar posting by Amazon (NASDAQ:AMZN) last month, which prompted the internet giant to release a statement denying reports they would start accepting Bitcoin as payment “imminently”.

It is not entirely clear from the advertisement what ‘products’ the company may launch but with another major retailer looking at opportunities in the cryptocurrency space, it provides further evidence that institutional interest in digital assets is here to stay.

Cardano Roadmap

Cardano has now become the fourth largest cryptocurrency by market cap, overtaking stablecoin Tether, following an announcement late on Friday.

Cardano’s Head of Delivery, Nigel Hemsley, said the cryptocurrency’s Alonzo Purple upgrade would take place on 12th September, slightly earlier than some had expected.

The Alonzo Purple upgrade will see the integration of smart contracts on the Cardano network.

The news of an imminent upgrade has supported the price of Cardano in recent weeks with the cryptocurrency rallying almost 50% in the last seven days and up 85% in the last month.

Technical Picture

After remaining above $47,000, Bitcoin may need to make a firm break of $48,000 before a move to reclaim the $50,000 handle which will act as the next major level of resistance.

The aforementioned 200-day moving average near $45,460 should continue to act as support, after Bitcoin bounced off that level during the weekend.

Crypto market cap exceeds $2 trillion; Walmart job advert, ADA upgrade in focus
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email