Crypto Market Captures $ 2 Trillion Market Cap Amid Bitcoin Profits

The total market value of cryptocurrencies rose again to over $ 2 trillion as Bitcoin continued to rise and Cardano, XRP, and Dogecoin rose as well.

Crypto’s market value rose to $ 2.06 trillion on Saturday, according to CoinGecko, which is tracking more than 8,800 coins. Bitcoin hit as high as $ 48,152, its highest since May 16, as it exhibited staying power above its 200-day moving average.

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However, it wasn’t just Bitcoin that held up overall market lead. On Sunday at 1 p.m. in Hong Kong, Cardano – now the third-placed cryptocurrency after Bitcoin and Ether – rose 47% in the past seven days. According to CoinGecko prices, Binance Coin gained 14%, XRP 61% and Dogecoin 18% over the same period.

“Bitcoin is still above its critical 200-day moving average,” Fundstrat strategists wrote in a note on Friday. “Cardano (ADA) is also on our radar, which has increased significantly after the signaling of smart contracts that are due to come onto the platform at the beginning of this week.

The upside even came after the cryptocurrency industry failed to enforce a change to crypto tax reporting rules in a U.S. infrastructure bill, which left intact language for comprehensive oversight of virtual currencies in Senate legislation passed Tuesday.

“Bitcoin’s price has been surprisingly stable after the news,” wrote Greg Cipolaro, NYDIG’s global head of research, in a note on Saturday. “We interpreted this price action as extremely bullish”, and “we think that the recognition of the crypto industry by the legislature was ultimately a legitimizing event that should give investors consolation that this industry will continue to exist.”

© 2021 Bloomberg

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