The cryptocurrency sector has witnessed a boom following the passage of a bill in the U.S. House of Representatives last week aimed at establishing a regulatory framework for digital assets pegged to the dollar. Following these developments, the cryptocurrency sector’s market capitalisation surpassed a staggering $4 trillion on Friday last week.

 

While the market capitalisation has fallen back down to approximately $3.95 trillion, data suggests that gains in certain digital assets have extended over the past 24 hours, with multiple mainstream digital assets remaining in the green. 

 

According to data from a reputable crypto exchange platform, Bitcoin (BTC), the world’s largest cryptocurrency by market capitalisation, has witnessed a 0.82 percent growth in its price over the last 24 hours, allowing the currency to be valued at $119,102.62 at the time of publishing.

 

The growth rate experienced by Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, has been more pronounced. Data from virtual asset exchanges suggests that the price of the virtual asset has reached $3,781.73 after experiencing a 2.18 percent increase in its value. The increase in ETH’s value is even larger, considering a longer timeframe, with its value surging by a whopping 24.1 percent over seven days.

 

Similar to the astronomical rise ETH has been experiencing, Ripple (XRP)​​ has witnessed a 19.34 percent increase in its value over one week. As of publishing, XRP’s value sits at $3.55 after growing by 1.74 percent in just 24 hours.

 

While the information above shows a surge in value for the top three cryptocurrencies, CoinMarketCap’s (CMC) 100 Index suggests that the trend is not limited to a few digital assets, as the index has grown by 1.19 percent in the past 24 hours. For reference, the CMC100 index is a better indicator of sentiments in the market as it tracks the performance of the top 100 cryptocurrencies by market capitalisation.

 

Moreover, the CMC Crypto Fear and Greed Index has recorded a reading of 67, which is starkly higher than the reading recorded last month, which sat at just 43. The aforementioned Index, which ranges from 0 to 100, helps indicate the state of the market, with higher values indicating extreme greed, consequently, leading to an increase in the value of digital assets and vice versa for lower values.