Bitcoin sees robust surge reaching USD55,700 in 24-hour period
(MENAFN) The price of Bitcoin experienced a robust surge on Monday, climbing from USD49,750 to USD55,700 within a 24-hour period, marking an impressive increase of around 12 percent. This significant rise in value reflects growing investor interest and confidence in the leading cryptocurrency amid a volatile market landscape.
According to figures from Coinmarketcap, the market capitalization of Bitcoin, the largest cryptocurrency by market size, has reached approximately USD1.1 trillion. This milestone underscores the substantial scale and influence Bitcoin holds within the digital currency market. Additionally, the 24-hour trade volume for Bitcoin saw a notable rise of 10.3 percent, reaching USD78.3 billion, highlighting the heightened trading activity and liquidity in the market.
Ethereum, the second largest cryptocurrency by market capitalization, also witnessed significant gains. After hitting a low of USD2,200 on Monday, Ethereum's price increased to USD2,590. This upward movement in Ethereum's value mirrors the broader positive sentiment in the cryptocurrency market, as investors continue to seek alternative digital assets amidst fluctuating market conditions.
Global financial markets, however, faced substantial selling pressure at the start of the week. Concerns about a potential recession in the United States intensified rapidly, exacerbated by developments in the Asian market. These economic worries contributed to a bearish outlook in traditional markets, contrasting with the optimistic performance observed in the cryptocurrency sector.
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