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Crypto prices climb as market value hits three-month high above $2trn

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Representation of Bitcoin and Dogecoin cryptocurrencies are seen in this illustration photo taken in Sulkowice, Poland on August 10, 2021. (Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images)
Cryptocurrencies rallied despite moves from the US market to regulate it. Photo: Jakub Porzycki/NurPhoto via Getty Images

The cryptocurrency market cap headed above $2trn (£1.4trn) for the first time since May on Monday morning in London, as Bitcoin (BTC-USD) saw through its fourth straight bullish week and other tokens such as ethereum (ETH-USD) and dogecoin (DOGE-USD) headed upwards. 

According to CoinMarketCap, crypto's global market cap is now sitting at $2.03trn, and had advanced around 3.9% from yesterday. 

The price rises came despite the cryptocurrency industry failing to win a change to tax reporting rules in the US's infrastructure bill. Legislation passed on Tuesday has outlined broad oversight of digital currency. 

Some analysts said that the recognition from lawmakers of the crypto market was potentially a legitimising event an a recognition that it was here to stay, even if it served to pull the reins on it. 

Watch: What are the risks of investing in cryptocurrency?

Bitcoin headed 3.1% higher by lunch time in London, to trade at $47,360. It had hit its highest levels since mid-may, climbing to $48,000 earlier on in the session. It is still well below levels seen earlier in the year, when prices graced $63,000. 

Read more: Meggitt takeover advisors set to rake in £200m in bumper payday

Ethereum and cardano have also headed higher, jumping around 11% and 53% in the last seven days respectively.

The global market cap has nearly doubled from levels seen in mid-July, where at one point it sank to around $1.2trn. 

Dogecoin's rally came following a raft of celebrity endorsement over the weekend, as billionaire Mark Cuban calling it the "strongest" token as a medium of exchange. 

Tesla boss Elon Musk backed this up on Twitter on Saturday.

Watch: What is bitcoin?

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