The resurgence of digital currencies continued Monday.

The total value of all cryptocurrencies topped $400 billion for the first time since March 8, once again driven by the smaller coins, most notably bitcoin cash, which is up more than 80% in the past seven days.

The price of the No. 1 digital currency, bitcoin BTCUSD, -0.13% hit a six-week high Sunday, trading above $9,000 to $9,003.74. A single bitcoin was last worth $8,887.25, up 1%, lagging behind most other coins. The underperformance of bitcoin has sunk its market dominance from 44.9% on April 1 to 37.9% on Monday.

After a dreadful start to the year, the turnaround in digital currencies has market bulls breathing a sigh of relief, as the move under $7,000 in early April is now showing signs of a medium-term low.

“We believe the ‘winter’ is ending for bitcoin, as the crypto-to-fiat pressures from Tax Day subside, and as headline risks seem to be fading,” wrote Tom Lee, managing partner at Fundstrat Global Advisors, in a note Friday.

Lee is one of the biggest bitcoin bulls, with a year-end price target of $25,000.

Bitcoin got some airtime Monday at the 23rd annual Sohn Investment Conference in New York, when John Pfeffer, partner at Pfeffer Capital, said bitcoin is the first viable candidate to replace gold. While promoting bitcoin, Pfeffer did add that the majority of crypto assets are bad bets.

Read:Pfeffer Capital declares bitcoin 1st viable replacement for gold at Sohn

Bitcoin is bigger than the internet

Speaking at a debate Saturday, permabull Tim Draper of Draper Associates affirmed his optimistic outlook for bitcoin. When asked how bitcoin compares with some of his earlier investments, such as Tesla Inc. TSLA, -5.59% and Skype, Draper pulled no punches.

“Oh, this is bigger than all of those combined,” said Draper. “This is bigger than the internet. It’s bigger than the iron age, the Renaissance. It’s bigger than the industrial revolution.”

Draper, who famously purchased close to 30,000 bitcoins from the Silk Road auction sale in 2014, recently upped his price target to $250,000 by 2022.

Read:If this chart is correct, it puts the price of bitcoin at $91,000 by 2020

What are the other coins doing?

Most other digital currencies outperformed bitcoin Monday. Ether added 2.5% to $637.52; bitcoin cash was up 15.4% to $1,380.85; Litecoin was up 2.5% to $150.47; and Ripple’s XRP was at 87 cents, unchanged on the day.

Bitcoin futures had a good start to the week. The Cboe’s May contract US:XBTK8 closed up 4.1% at $8,880 and the CME Group Inc. April contract US:BTCJ8 finished Monday at $8,845, up 3.6%.

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