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