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 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.
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.