Bitcoin experienced a significant recovery on Monday, bouncing back from a recent slump in market momentum caused by macro-economic conditions that put pressure on investors. The cryptocurrency is currently trading at $62,796, marking a 4.82 percent increase over the last 24 hours. On national exchanges like WazirX, Bitcoin is priced at $66,037, with a four percent increase since Sunday. This recovery comes after a period of uncertainty in the market.
Ether also followed Bitcoin’s path to recovery, with the cryptocurrency trading at $3,331 on international exchanges after a 4.11 percent gain in the last 24 hours. The value of ETH is $3,531 according to the crypto price tracker by Gadgets360. The positive momentum in the market has influenced the recovery of both Bitcoin and Ether.
The recent increase in market sentiment can be attributed to various factors, including an assassination attempt on former US President Donald Trump. This event has boosted Trump’s odds of winning the 2024 election to 70 percent, which has had a positive impact on the crypto community. Trump’s pro-crypto stance and emphasis on individual rights to own cryptoassets have further fueled positive sentiment within the market.
In addition to Bitcoin and Ether, other altcoins such as Solana, Ripple, Dogecoin, Cardano, Shiba Inu, and Avalanche have also seen a notable increase in prices. Furthermore, cryptocurrencies like Polkadot, Chainlink, Leo, Polygon, Uniswap, Stellar, and Cronos have also risen in value. This overall positive trend in the market indicates growing interest and investment in cryptocurrencies.
Despite the recent recovery, there are still concerns about potential volatility in the market. Avinash Shekhar, Co-Founder and CEO of Pi42, highlighted the selling pressure on Bitcoin by the German government and potential scares related to the Mt. Gox reimbursement plan. These factors could contribute to fluctuations in prices in the coming days, reminding investors of the inherent risks in the cryptocurrency market.
The overall crypto market cap increased by 3.80 percent over the last 24 hours, reaching a valuation of $2.29 trillion. This growth reflects the growing popularity and adoption of cryptocurrencies as alternative investment assets. However, the market remains susceptible to external factors and regulatory developments that could impact prices and market sentiment.
In other news, Partior, a blockchain payment network backed by JPMorgan, DBS, and Standard Chartered, secured $60 million in Series B funding led by Peak XV Partners. The joint venture aims to establish unified blockchain-based interbank payment rails for instant clearing and settlement. The funding will be used to enhance Partior’s capabilities in intraday foreign-exchange swaps and cross-currency repurchases, indicating continued interest and investment in blockchain technology.
Overall, the recent recovery of Bitcoin and Ether, along with the positive momentum in the cryptocurrency market, highlights the resilience and potential of digital assets as a new asset class. However, investors must remain cautious of market volatility and external factors that could impact prices and market sentiment in the future.
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