Cryptocurrencies Market Retakes $2 Trillion Market Cap Amid Bitcoin Gains

(Bloomberg) -- 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.

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 p.m. in Hong Kong on Sunday, Cardano -- now the third-ranked cryptocurrency after Bitcoin and Ether -- 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.”