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Cryptocurrency market highlights: Bitcoin surpasses $44,000, while Ether skyrockets

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.

Experts Take

“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.”

CryptocurrencyPrice (US Dollar)24-hour changeMarket cap (Billion)Volume (24 Hours)
Bitcoin43,867.844.43%$823.64$925.84 million
Ether3,093.879.65%$362.96$935.35 million
Dogecoin0.206472-0.53%$29.06$1.06 billion
Litecoin161.071.27%$27.12$1.05 billion
XRP0.9670205.22%$96.74$3.87 billion
Cardano2.240.69%$72.51$267.38 million

Read More: Cryptocurrency market highlights: Bitcoin and Ether prices fall following a brief correction

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.