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Crypto market cap reaches $3 trillion milestone ahead of ENS airdrop

2021.11.08 Adam James

Meanwhile, altcoin MKR is having a strong day.

The total market capitalization for cryptocurrencies passed the $3 trillion mark and is up 4% in the past day, per data from CoinGecko. BTC gained roughly 6.4% over the past day, rising to over $66,900 — nearly approaching its recently achieved all-time high of $67,000. ETH also saw a bump of nearly 3% — continuing its recent surge and reaching another all-time high of $4,768. 

The cryptocurrency market’s $3 trillion milestone is reflected in today’s robust performance. Source: COIN360

Crypto provisions in House tax bill would bring in $16.8 billion

Last week, Congress’s official tax scorekeeper, the Joint Committee on Taxation, calculated that changes to the constructive-sale and wash-sale rules affecting cryptocurrency traders would collectively bring in about $16.8 billion. 

Earlier, Democrats in the U.S. House of Representatives had introduced a provision into its latest tax-and-spend package that would subject digital assets to two anti-abuse rules that already apply to stocks and other securities. The change would restrict tools crypto investors can currently use to hedge against potential losses and to lower their capital gains taxes.

Top altcoin gainers & losers: MKR back in the running

  • POLYDOGE/USDT +169.99%
  • MKR/USDT +14.13%
  • PRQ/USDT +13.50%
  • SAMO/USDT -9.52%
  • PMA/USDT -10.76%
  • PPT/USDT -24.25%

Although among the biggest losers on Friday, MKR is back on top — when looking at large-cap altcoins — with gains of 14.13%, similar to those seen earlier last week.

Meanwhile, SAND continues to fall. The altcoin has lost some 5.74% in the past 24 hours following a significant boost from an investment round announced last week.

MKR up 13.03% on OKX. Source: OKX

BTC technical analysis: Breaks out of resistance at $63,500

Riding the recent highs of the overall cryptocurrency market, BTC was able to break out of resistance it had been seeing around the $63,500 mark. Although it approached its previous all-time high of $67,000 earlier today, selling pressure seems to have returned.

OKX’s BTC/USDT — 11/08. Source: OKX, TradingView

ETH technical analysis: ETH hits another record high

ETH has been trending very strongly since the start of October. This momentum seems to have naturally continued into November, when ETH achieved its first all-time high since April. ETH now seems to have overcome the ensuing selling pressure to push even further to another all-time high of $4,768.

OKX’s ETH/USDT — 11/08. Source: OKX, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.