Crypto market tops $2T for the first time since May as bitcoin rallies

The total value of the whole cryptocurrency market shot past $2 trillion over the weekend for the first time since May, stoked by a renewed surge in the price of bitcoin and other digital coins.

The price of bitcoin climbed higher than $48,100 at one point on Saturday, its highest level since May 17, according to data from Coinbase.

On Monday, it had pared some of its weekend gains with the digital token last seen trading at about $46,500 per coin, up almost 1 per cent from 24 hours earlier.
Bitcoin's price is still almost 32 per cent lower than its peak of more than $64,000 per coin that it saw in mid-April, but the crypto had seen a rally of about 46 per cent from a month ago when it had sunk to about $30,000 per coin.

Other cryptos also helped push the broader exchange up past $2 trillion.
Binance coin, which has a market cap of $71.4 billion, traded 4 per cent higher on Monday at $424.60 per coin.

Last week, the US Senate passed a version of the $1.2 trillion infrastructure bill that did not have any of the recommended amendments on crypto tax reporting, a significant point of contention in the industry.

Dogecoin was last seen trading more than 8 percent higher, at 33 cents per coin.