Bitcoin-led cryptocurrency market rebounds amid latest drops

(MENAFN) On Tuesday, July 9, 2024, the cryptocurrency market experienced a collective rise in prices, spearheaded by Bitcoin, following a period of significant decline that had left trading platforms awash in red. Despite earlier forecasts suggesting that Bitcoin could reach the USD100,000 mark by the end of the year, the market has been subject to severe volatility in recent days, with prices plummeting to levels unseen since February.

The overall market capitalization of the cryptocurrency sector fell by 3.17 percent in the last few hours, leading to a loss of approximately USD67 billion. This drop saw the total market cap decrease from USD2.110 trillion in Sunday trading to about USD2.043 trillion by Monday morning.

During Tuesday's trading session, Bitcoin's price rose by 3.71 percent, reaching USD57,223. Consequently, the market value of Bitcoin, the world's most renowned cryptocurrency, increased to USD1.12 trillion. The trading volume for Bitcoin over the past 24 hours surged to USD36.26 billion. However, over the previous seven days, Bitcoin had shed about 9.42 percent of its value.

Other major cryptocurrencies also saw price increases. Ethereum (ETH) rose by 6.44 percent, reaching USD3,065. Binance Coin (BNB) increased by 5.43 percent to USD514. Cardano (ADA) experienced a 7.81 percent rise to USD0.3709. Ripple (XRP) went up by 4.43 percent, reaching USD0.4336. Dogecoin (DOGE) saw a 5.79 percent increase, bringing its price to USD0.108286.

This resurgence in prices offers a welcome respite for investors after a spell of declines and market turbulence. Despite the recent fluctuations, there remains a continued anticipation regarding future market developments and the prospects of digital currencies in the near term.



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