Crypto market retakes $2tr market cap as 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, 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. 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. “Also on our radar is Cardano (ADA), which after signaling smart contracts are soon to hit the platform is up” significantly.
The moves higher came even after the cryptocurrency industry failed to win a change to crypto tax reporting rules in a US infrastructure bill, leaving intact language for broad oversight of virtual currencies in the legislation that passed the Senate. “The price of Bitcoin was surprisingly resilient in the wake of the news,” said NYDIG Global Head of Research Greg Cipolaro.
“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.”