Bitcoin and Ethereum rallied on Sunday, reaching a level not witnessed in more than two months. The two cryptocurrencies rallied despite the current uncertainty regarding the crypto infrastructure in the US.
Bitcoin gained by 3.1 percent reaching $45, 328, the highest it has reached since 18th May. Conversely, Ethereum gained by 3.5 percent, reaching $3, 191. Ethereum had been gaining in the last five days amid the London Ethereum network’s upgrade.
Paolo Ardoino, Bitfinex chief technology officer on Friday, noted that the optimism in the cryptocurrency is returning, with Bitcoin leading the way.
“A mood of optimism appears to have returned to cryptocurrency markets. Bitcoin is leading the charge while Ethereum continues to make gains after its network upgrade.”
Ardoino, however, noted that the recent turbulence in the crypto market is yet to subside.it is a significant gain for cryptocurrencies after plummeting from a record high in recent months due to the China crackdown and Elon Musk’s question on energy consumption in Bitcoin mining.
Bitcoin and Ethereum have regained despite uncertainty regarding the crypto infrastructure in the US. A Bipartisan Bill calling for reporting of cryptocurrencies transactions and tax collection is making its way through Congress.
The Bill is not slowing the crypto market momentum. The market value has rallied to around $1.88 trillion from a mid-June low of nearly $1.2 trillion. Dogecoin, Cardano, Binance, and other tokens also rallied in the past week.