Bitcoin experienced a significant recovery on Monday, following a recent slump in market momentum driven by macro-economic conditions that caused selling pressure among investors. The leading cryptocurrency is currently trading at $62,796, displaying a price increase of 4.82 percent over the last 24 hours. On national exchanges like WazirX, Bitcoin is priced at $66,037, marking a four percent surge since Sunday.
In addition to Bitcoin, Ether also saw positive movement in the market, trading at $3,331 on international exchanges with a gain of 4.11 percent in the past 24 hours. The price of ETH on crypto price tracker Gadgets360 stands at $3,531. The rise in Ethereum’s value can be attributed to various factors, including its outperformance of Bitcoin in weekly gains and the anticipation of the approval of spot Ether ETFs later this week.
Market sentiment has also been influenced by recent events, such as the assassination attempt on former US President Donald Trump. Analysts have noted that Trump’s increased odds of winning the 2024 election to 70 percent and his pro-crypto stance have fueled positive sentiment within the crypto community. This optimism has contributed to the overall positive outlook for cryptocurrencies like Bitcoin and Ethereum.
Apart from Bitcoin and Ethereum, other altcoins like Solana, Ripple, Dogecoin, Cardano, Shiba Inu, and Avalanche also experienced notable price increases on Monday. Additionally, cryptocurrencies such as Polkadot, Chainlink, Leo, Polygon, Uniswap, Stellar, and Cronos saw a rise in value. The overall crypto market cap grew by 3.80 percent in the last 24 hours, reaching a valuation of $2.29 trillion according to CoinMarketCap.
Despite the positive trends, challenges remain in the crypto space, including the impact of the German government’s offloading of 50,000 BTC, which temporarily affected prices. Concerns also persist regarding the Mt. Gox reimbursement plan, hinting at potential volatility in the coming days. On the other hand, developments like the funding secured by Partior, a blockchain payment network supported by JPMorgan, DBS, and Standard Chartered, demonstrate ongoing innovation in the industry with a focus on enhancing interbank payment solutions.
The recent recovery in Bitcoin and Ethereum prices amid market volatility reflects the resilience of the crypto market and the continued interest from investors. While challenges and uncertainties persist, the overall positive sentiment and developments within the industry indicate a promising outlook for cryptocurrencies in the near future.