Cryptocurrency market rises with big weekly gains amid mixed performance of leading currencies

(MENAFN) The overall cryptocurrency market saw a substantial boost over the week, with its combined market capitalization soaring by 15.6 percent, reaching USD2,128 billion by Monday. This marked a significant increase from the USD1,840 billion market cap recorded just a day earlier on Sunday. Despite some fluctuations among individual cryptocurrencies, the market as a whole demonstrated robust growth, driven by a surge in investor interest and activity across various digital assets.

Bitcoin, the largest cryptocurrency by market cap, experienced a slight dip of 0.5 percent during yesterday's trading. However, it managed to achieve impressive weekly gains of 15.3 percent, with its price reaching USD60,403. As a result, Bitcoin's total market capitalization surged to USD1,192 billion, giving it a dominant 56.01 percent share of the entire cryptocurrency market. This performance underscored Bitcoin's continued strength and its significant role in driving the overall market's growth, even as it faced some short-term volatility.

Ethereum, the second-largest cryptocurrency, had a mixed performance. It recorded a modest daily gain of 0.2 percent, but its value declined by 10 percent over the week, settling at USD2,629. Ethereum's market capitalization stood at USD316.3 billion, reflecting its ongoing challenges amid a volatile trading environment. Meanwhile, Tether, the third-largest cryptocurrency, maintained a stable price at USD1, with a combined market cap of USD115.6 billion. BNB, ranked fourth in terms of market value, saw a 1.2 percent gain in recent hours, although it experienced a 1 percent decline over the past week, trading at USD521.19 and stabilizing its market value at USD76 billion. These varied performances among leading cryptocurrencies highlighted the dynamic and often unpredictable nature of the market. 

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