The cryptocurrency market cap rose to $2.06 trillion on Saturday, while Bitcoin reached a high of $48,152, the highest since May 16, as it showed power above its 200-day average, according to CoinGecko.
On Monday, Bitcoin climbed 2.45% to 47,422, with a market cap of $891.26 billion.
However, it wasn't the only bitcoin that held back the overall market's progress. As of Sunday, Cardano, the third cryptocurrency after Bitcoin and Ether, went up 47% over the past week. Binance Coin gained 14%, while XRP 61% and Dogecoin climbed 18% over the same period.
The digital coins surged even after the crypto industry failed to win a shift in the crypto tax reporting rules in a U.S. infrastructure bill, leaving behind the oversight of virtual currencies in legislation passed 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.”
“Bitcoin price has been surprisingly resilient in the wake of the news. We have interpreted this price action as very bullish, and we believe that the crypto industry’s recognition by lawmakers was ultimately a legitimate event, which should give investors comfort,” said Greg Cipolaro, global head of research at NYDIG.
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