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.
Cryptocurrency¡¯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 p.m. in Hong Kong on Sunday, Cardano ¡ª now the third-ranked cryptocurrency after bitcoin and Ether ¡ª was up 47% over the past seven days. Binance Coin gained 14%, XRP 61% and Dogecoin 18% over the same period, according to CoinGecko pricing.
¡°Bitcoin continues above its critical 200-day moving average,¡± Fundstrat strategists wrote in a note Friday. ¡°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 higher came even after the cryptocurrency industry failed to win a change to crypto tax reporting rules in a U.S. 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 legitimizing event, one that should give investors comfort that this industry is here to stay.¡±
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