Cryptocurrencies' market value tops $2tn again

Bitcoin rose as much as $48,152, the highest level since May 16

The Bitcoin rally has pushed cryptocurrencies' total market value above $2tn. Reuters

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.

Cryptocurrencies’ market value rose to $2.06tn 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 was not just Bitcoin holding up the overall market advance, however. As of 1pm in Hong Kong (9am UAE time) on Sunday, Cardano – now the third-ranked cryptocurrency after Bitcoin and Ether – was up 47 per cent over the past seven days. Binance Coin gained 14 per cent, XRP 61 per cent and Dogecoin 18 per cent over the same period, according to CoinGecko pricing.

“Bitcoin continues above its critical 200-day moving average,” Fundstrat strategists wrote in a note on Friday. “Also on our radar is Cardano (ADA), which after signalling 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 US infrastructure bill, leaving intact language for broad oversight of virtual currencies in the legislation that passed the Senate on Tuesday.