Cryptocurrency market witnesses rise as Bitcoin keeps surging
Date
2/20/2024 4:40:20 AM
(MENAFN) The cryptocurrency market experienced a significant upswing during the trading session on Monday, February 19, 2024, fueled by the ongoing rise in Bitcoin prices. A report from "PitchBook" highlighted a notable increase in investments in the cryptocurrency market, marking a positive shift after a challenging year characterized by scandals and collapses, particularly with Bitcoin's resurgence into a bull market.
The report pointed to a renewed sense of optimism regarding the future of the crypto market, citing recent research from "PitchBook" that revealed a 2.5 percent uptick in the value of investments by venture capital firms in emerging crypto projects during the last quarter of 2023. This reversal comes after a period of decline, signifying a pivotal moment in the trajectory of investment companies' funding of crypto initiatives.
The trend of declining investments in the sector appears to have been broken, marking the first increase of its kind since the second quarter of 2022. This shift underscores a positive turning point in the landscape of financing for crypto projects, hinting at a resurgence of confidence and interest among investors.
In terms of digital currency prices, Bitcoin saw a modest increase of 1.02 percent during the trading session, reaching USD52,092 thousand, with its market value soaring to USD1.02 trillion. Ethereum (ETH) also experienced a notable rise of 3.46 percent, reaching USD2,893, while the price of Binance coin BNB slightly declined by 0.48 percent to USD352.
The rally in cryptocurrency prices coupled with the resurgence of investments in the sector suggests a renewed sense of optimism and momentum, signaling potential opportunities for growth and development in the ever-evolving landscape of digital assets.
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