The total market value of the cryptocurrency has risen above $2.11 trillion on Monday, down just 19% from its May 12 all-time high of $2.61 trillion.
This spike in the overall crypto market cap came as Bitcoin went above $48,000 only to slide back just under $46k. Reaching the highest level since May 16 is showing its staying power above its 200-day moving average.
To start the week, a US Securities and Exchange Commission (SEC) filing by the Northern Investment Advisors disclosed that the Denver-based wealth management firm increased its Grayscale Bitcoin Trust (GBTC) holdings to 8,955 as of June 30, from 4,811 shares at the March-end.
The second-largest crypto Ether went past $3,345 and is currently trading just over $3,200, last recorded during the May 19 sell-off. ETH/BTC is also maintaining its support at around 0.07.
“Bitcoin continues above its critical 200-day moving average,” wrote Fundstrat strategists 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 biggest gains over the past week have been seen by Ravencoin (65.5%), XRP (64.7%), Axie Infinity (63.2%), Solana (62.7%), Terra (60%), Cardano (52.8%), Waves (51%), Holo (46%), Dogecoin (46%), Arweave (45.2%), and Polygon (42.1%).
And in the past 24 hours, AR, SOL, LUNA, DOGE, and SHIB really started going up.
Trader DonAlt, however, isn’t confident in the bullish market setup given that retail favorites DOGE and SHIB are pumping.
“I’ll give it 10-30 days and will cut every position I’ve got no matter how much I like the setup as we approach that window,” said the trader.
“Hope there is some retail blood left to squeeze otherwise we’ll be the bagholders this time.”
Much like the revival of meme coins, the DeFi ecosystem is also back on track, with the DeFi market cap surpassing $122 billion, the highest level since May 19th and nearing the May 12th peak of $150 billion.
Meanwhile, the latest gains came despite the fact that the amendment in the crypto provision of the trillion-dollar infrastructure bill failed to win as the original bill passed the Senate and is now in the House.
“The price of Bitcoin was surprisingly resilient in the wake of the news,” wrote NYDIG Global Head of Research Greg Cipolaro in a note on 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.”
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