The cryptocurrency market saw a strong recovery on Monday, as Bitcoin managed to bounce back from a recent slump in market momentum. This recovery came after macro-economic conditions had imposed selling pressure on investors, leading to a temporary dip in Bitcoin prices. Currently, Bitcoin is trading at $62,796, witnessing a price increase of 4.82 percent over the last 24 hours. On national exchanges like WazirX, the asset is trading at $66,037, representing a four percent increase since Sunday.
Alongside Bitcoin, Ether also experienced a positive trend in its prices. At the time of writing, Ether is trading at $3,331 on international exchanges, showing a gain of 4.11 percent in the last 24 hours. The value of ETH stands at $3,531 as per the crypto price tracker by Gadgets360. The recent surge in cryptocurrency prices can be attributed to several factors affecting the market sentiment.
One of the major factors influencing market sentiment has been the recent news of an assassination attempt on former US President Donald Trump. This incident has led to a rise in Trump’s odds of winning the 2024 election, according to various analyses. Trump’s pro-crypto stance, emphasizing the protection of individual’s rights to own cryptoassets, has further fueled positive sentiment within the crypto community. This positive outlook has contributed to the upward trajectory of major cryptocurrencies like Bitcoin and Ether.
Market participants are also optimistic about the approval of spot Ether ETFs expected this week, which could further boost interest in Ethereum. Ethereum has outperformed Bitcoin in terms of weekly gains, surpassing the $3,300 mark. Industry experts like Mudrex CEO Edul Patel have noted the potential impact of these developments on the cryptocurrency market.
The overall crypto market cap grew by 3.80 percent over the last 24 hours, reaching a valuation of $2.29 trillion. Despite the positive growth, concerns about volatility still persist in the market. Avinash Shekhar, Co-Founder and CEO of Pi42, highlighted some of the ongoing challenges facing Bitcoin, including selling pressure from the German government and potential volatility related to the Mt. Gox reimbursement plan.
In addition to the price surge in major cryptocurrencies, developments such as the funding secured by Partior, a blockchain payment network backed by JPMorgan, DBS, and Standard Chartered, have also made headlines. The $60 million Series B funding led by Peak XV Partners aims to establish unified blockchain-based interbank payment rails for instant clearing and settlement.
The recent surge in cryptocurrency prices, particularly in Bitcoin and Ether, highlights the resilience of the digital asset market in the face of external economic challenges. As market sentiment continues to evolve, investors and industry experts remain cautiously optimistic about the future trajectory of cryptocurrencies.
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