Cryptocurrencies have had a good start to the week, with virtual currency values rising over the last 24 hours, indicating an increase in momentum. All prominent virtual coins saw their prices plummet on Friday as senior Chinese officials outlawed cryptocurrency trading and mining.
Crypto Market Highlights
Bitcoin, the world’s most valuable cryptocurrency, has risen beyond $44,000, up over 5% from its value at 11:40 a.m. 24 hours ago. The 24-hour trading volume of the cryptocurrency grew marginally to $911 million, while the market capitalization jumped to $831.45 billion.
Ether did even better, rising almost 11% over its previous price in just 24 hours. It was worth $3,142.86 at the time of writing, and its market capitalization had risen to $368 billion. The total trading volume over the previous 24 hours was $922 million.
After a brief surge in volatility following the Evergrande crisis in China, there was a broad-based rebound on Monday.
XRP, Cardano, Polkadot, Stellar, Dogecoin, Chainlink, Uniswap, and Litecoin were among the cryptocurrencies that stayed positive.
“Bitcoin is exhibiting some resilience on lower time frames, and we may anticipate the price to retest $47,000-$48,000 area,” says Hitesh Malviya, a cryptocurrency and financial specialist. A clean breakout above these levels will turn the market positive once more, but rejection around these levels will clear the way for $36,000.”
“The new week began with a boom for the cryptocurrency market,” said Edul Patel, CEO and Co-founder of Mudrex, a worldwide algorithm-based crypto investing platform.
“Over the last 24 hours, overall traded volumes increased by more than 20%, and total market capitalization surpassed $1.95 trillion. Although Bitcoin surpassed $44,000, the day’s outstanding performance was Ethereum, the largest altcoin,” he said.
“This week might be a watershed moment for altcoins.”
Here are the latest prices and trends of popular cryptocurrencies:
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