Crypto retakes $2 trillion market cap amid Bitcoin gains

NEW YORK: The total market value of cryptocurrencies rose above $2 trillion again, as Bitcoin continued to climb and the likes of Cardano, XRP and Dogecoin advanced, as well, Gulf News reported.

The crypto’s market value rose to $2.06 trillion on Saturday, according to CoinGecko, which tracks more than 8,800 coins.

Bitcoin reached as high as $48,152, the highest level since May 16, as it showed staying power above its 200-day moving average.

It wasn’t just Bitcoin holding up the overall market advance; however. As of 1:00pm in Hong Kong on Sunday, Cardano – now the third-ranked cryptocurrency after Bitcoin and Ether – was up 47 per cent over the last seven days. Binance coin gained 14 per cent, XRP 61 per cent and Dogecoin 18 per cent over the same period, according to the CoinGecko pricing.

“Bitcoin continues above its critical 200-day moving average,” Fundstrat strategists wrote in a note. “Also on our radar is Cardano (ADA), which after signaling smart contracts are soon to hit the platform earlier this week is up,” significantly.

The moves came even after the cryptocurrency industry failed to win a change to crypto tax reporting rules in a US infrastructure bill, leaving intact language for broad oversight of virtual currencies in the legislation that passed the Senate on Tuesday.

“The price of Bitcoin was surprisingly resilient in the wake of the news,” wrote NYDIG Global Head of Research Greg Cipolaro in a note on Saturday.

“We interpreted this price action as extremely bullish,” and “we think the recognition of the crypto industry by lawmakers was ultimately a legitimising event, one that should give investors comfort that this industry is here to stay.”

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