Bitcoin has surged past the $21k barrier in the last 24 hours and is currently trading at $21,161, after hitting $21,340. Its price increased by 2.07% during the period, taking its market dominance to 42.89%, a two-month high.
Almost all top coins have registered an increase in prices. According to coinmarketcap.com, ETH registered a 2.87% increase, BNB at 2.36%, XRP at 2.64%, Cardano at 3.37%, and Polygon at 4.92% at 3.48 UTC.
According to coingecko.com, the global crypto market cap, which crossed $1 trillion and touched $ 1 trillion on Friday is now at $1.04 trillion, up 2.28% in the last 24 hours.
At the start of last week, bitcoin broke above $17,000 and has remained bullish ever since, crossing, $18,000, overcoming $19,000, and testing $20,000 by Friday evening. On Monday early morning, it breached $21,000, indicating that the worst is perhaps over for the cryptocurrency market.
The resurgence of leading coins hints that the effects of FTX’s collapse may have receded completely and the market is looking to brighter times. The uptick in the prices of altcoin suggests that the confidence of the market is not limited to bitcoin but all other major assets.
Experts believe that falling inflation and a positive outlook for the global economy are driving the crypto prices. Despite market volatility, they believe disruptive innovation technologies will gain traction and prove to be worthwhile investments.
