Bitcoin, dogecoin gains push cryptocurrencies’ market cap back above US$2 trillion
- Cryptocurrencies’ market value rose to $2.06 trillion on Saturday, according to CoinGecko, which tracks more than 8,800 coins
- Bitcoin reached as high as US$48,152, the highest level since May 16
Cryptocurrencies’ market value rose to $2.06 trillion on Saturday, according to CoinGecko, which tracks more than 8,800 coins.
It was not just bitcoin holding up the overall market advance, however. As of 1pm in Hong Kong on Sunday, cardano – now the third-ranked cryptocurrency after bitcoin and ether – was up 47 per cent over the past seven days.
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Binance coin gained 14 per cent, XRP 61 per cent and dogecoin 18 per cent over the same period, according to CoinGecko pricing.
“Bitcoin continues above its critical 200-day moving average,” Fundstrat strategists wrote in a note on Friday. “Also on our radar is cardano (ADA), which after signalling smart contracts are soon to hit the platform earlier this week is up” significantly.
The moves higher came even after the cryptocurrency industry failed to win a change to cryptocurrency 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 dated 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.”
