The crypto market has initiated the week with a promising upswing, registering a 3.5% climb in its total valuation, now standing at $2.56 trillion. The market’s total trading volume has also experienced a remarkable 15% hike, totaling $81.2 billion, alongside a 9% increase in the decentralized finance (DeFi) sector, hitting $8.05 billion.
Bitcoin and Altcoins Gain Momentum
Bitcoin has rebounded from the preceding week’s downward trend, witnessing close to a 3% upturn. This recovery is complemented by a 28% boost in its trading volume, crossing the $30 billion mark, and a 3% rise in market capitalization. The cryptocurrency has revitalized its trading position, currently at around $67,500.
The past week was characterized by macroeconomic factors and market-wide downturns, which diminished investor confidence, leading to substantial sell-offs. Nonetheless, Bitcoin has shown resilience, overcoming previous stagnation.
Ethereum, BNB, and Solana Show Strength
Ethereum also displayed progress with a 2.38% increase, trimming its weekly losses to 2.35%, and boasting a 30-day gain of 13.79%. Binance Coin (BNB) and Solana have continued their upward trajectory, marking 4.1% and 7% monthly improvements, respectively, suggesting a robust contribution to the market’s rebound.
Dogecoin has observed a marginal 1% rise, while Shiba Inu recorded a slight 1.23% dip, indicating a mixed response among meme-based cryptocurrencies. Among the top 15 cryptocurrencies, AVAX and TON have stood out, with TON, in particular, eyeing a top 10 ranking after its 165% monthly surge.
Observers attribute the recent market surge to factors such as the anticipated Bitcoin halving event. Before the event, increased miner activity and institutional movements have been noted, alongside an uptick in mining capabilities. Post-correction recovery and a stable Federal Open Market Committee stance on interest rates are seen as potential catalysts for a favorable market shift.