Bitcoin and Ether hit their highest levels since mid-May as sentiment warms.
After a major Ethereum upgrade, Bitcoin and Ether reached their highest levels in more than two months, even in the midst of uncertainty over crypto rules in the U.S. infrastructure plan.
On Sunday, Bitcoin climbed to $45,328, its highest level since May 18. During the Ethereum network's London update, Ether climbed as high as 3.5 percent to $3,191, increasing for the fifth day.
“A mood of confidence appears to have returned to bitcoin markets,” said Paolo Ardoino, chief technology officer of Bitfinex, in a statement on Friday. “Bitcoin is leading the charge, but Ethereum continues to make gains” after its network upgrade.” “The instability we've seen in crypto markets in recent weeks is unlikely to subside,” he said.
Cryptocurrencies are reviving after falling from record highs in recent months, a setback blamed on fears of a Chinese crackdown and Elon Musk-fueled concerns about Bitcoin's energy usage.
On the other hand, Bitcoin is getting close to its 50-day moving average, which it hasn't seen since May 26. After a brief period above $3,000, Ether is now trading above that level for the second time.
A bill in Congress dealing with infrastructure, which includes conflicting amendments dealing with crypto transaction reporting and tax collection, is still causing confusion. The bipartisan group that drafted the plan was depending on the increased tax income to cover some of the program's costs.
Despite this, the market value of cryptocurrency has risen to roughly $1.88 trillion from a low of nearly $1.2 trillion in mid-June, according to CoinGecko.com. In the last week, the values of Binance Coin, Cardano, XRP, and Dogecoin have all surged.