Cryptocurrency prices rebounded sharply over the weekend as prices of virtual currencies increased sharply. The rally witnessed in the cryptocurrency market has been led by Bitcoin, the world’s most popular cryptocurrency.
Bitcoin jumped as much as 12.5 per cent on Monday and leapt to a six-week-high. At around 3:45 pm, Bitcoin was trading over $38,200, up 10.66 per cent compared to its value 24 hours ago.
Bitcoin’s market capitalisation also jumped to $718 billion after the sharp rebound. Ether also jumped sharply to touch a 3-week-high. It was trading at $2,350, up over 7.5 per cent.
All other popular cryptocurrencies including Dogecoin, Cardano, XRP, Litecoin and Uniswap rose sharply in the range of 5.5 per cent to almost 12 per cent.
Commenting on the rally in the cryptocurrency market, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “It was a fantastic rally across the cryptocurrency spectrum in the past 24 hours.”
“The rally was led by none other than Bitcoin, which shot up more than 8% and reached a high of $39,799. This breakout fuelled the market sentiments, and the rally reciprocated across the top 10 cryptos by market capitalization. The traded volumes for Bitcoin shot up steadily. ETH breached the $2300 level,” he added.
“The altcoins are bound to have a bigger rally once Bitcoin starts consolidating. Till then, the chunk of the trading activity will stay BTC focused.”
Here are the latest prices and trends of popular cryptocurrencies:
Price (US Dollar)