Cryptocurrency Market Cap Rises Again Above $2 Trillion As Bitcoin Maintains Bullish Momentum
The total crypto market cap is once again rising above $2 trillion as Bitcoin continues to climb higher and other major coins like Cardano, XRP, and Dogecoin follow suit.
The market value of all cryptocurrencies increased to $2.03 trillion as of Monday morning (UTC), according to CoinGecko. Bitcoin hit $48,152 on Saturday, its highest level since May 16, as the king coin showed sustained strength above its 200-day moving average (MA). At the time of writing, BTC trades at $47,600.
However, it is not only Bitcoin that shows growth these days. Since yesterday, Cardano (ADA) — currently the world’s third-largest cryptocurrency behind Bitcoin and Ether — has gained 47% over the past seven days. Binance Coin (BNB) is up 14%, XRP (Ripple) is up 61%, and Dogecoin (DOGE) is up 18% in the same period, according to CoinGecko valuation.
“Bitcoin continues to stand above its key 200-day moving average,” Fundstrat strategists wrote in a note Saturday. “Also, our sights are on Cardano (ADA), which, after announcing smart contracts that will be available on the platform earlier this week, has increased significantly.”
The positive price move in the crypto market comes even after the industry fell short of expectations for a change to crypto tax reporting rules in the US infrastructure bill, Monday. which will subject cryptocurrencies to more scrutiny after the bill is passed by the Senate.
“Bitcoin price has rebounded amazingly on the news,” NYDIG Head of Global Research Greg Cipolaro noted on Saturday. “We interpret this price action as extremely bullish, and we think that legislators’ recognition of the crypto industry is ultimately an event of legitimacy, one that will give comfort investors that this industry will last forever.”