Monday saw a bull run in the cryptocurrency market. The market cap touched $1 trillion after a month of muted performance. As of 3:30 PM, the crypto market cap was at $1.02 trillion, up 4.73 per cent from the previous close, according to coinmarketcap.
The largest cryptocurrency by market cap, Bitcoin regained $22,000 levels and was trading at $22,241.17, over 4 per cent higher than the last close. It had fallen below the $ 22,000 mark on June 15, 2022 and has crossed it for the first time.
Ethereum, the second largest coin, rose over 9 per cent and was trading at $1,482.69. It had also crossed the $ 1,400 mark for the first time since June 13, 2022. Tether was trading at $0.99 on Monday.
Also Read: RBI wants govt to prohibit cryptocurrencies: FM Sitharaman tells Parliament
According to market data, Bitcoin holds 41.79 per cent of the total crypto market cap, followed by Ethereum at 17.73 and Tether at 6.48.
In terms of volume, the crypto market saw a trade of $76.9 billion on Monday.
In the last week, major cryptocurrencies have seen good growth, with Bitcoin rising over 8 per cent and Ethereum gaining nearly 30 per cent. BRB, XRP and Solana, other top traded tokens, surged in double digits, with Solana gaining as much as 18 per cent.
The crypto market has been in the doldrums since the start of 2023 on the back of rising inflation, higher interest rates, geopolitical tensions, and looming fears of recession. Monday gave investors a breather amidst the market glooms.
Currently, there are 20,255 cryptocurrencies being traded on crypto exchanges across the globe
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor