Bitcoin Rises to $62,800 as Crypto Market Rebounds
Bitcoin market price surged near $63,000 on Monday as cryptocurrency assets recorded early buying interest from retail investors after massive selloffs at the weekend.
The world’s largest cryptocurrency gained momentum following US economic growth reported last week after sustained selloffs that plunged its market price to $61,000.
Price has climbed to $62.800 early on Monday, while Ethereum is trading at $3.477 after gaining 2.59% in the last 24 hours.
In line with market expectation, US gross domestic product (GDP) growth rate for Q1’2024 came in at 1.40%. This boosted investors’ sentiment that triggered buying interest.
Data from CoinMarketCap.com showed that the global crypto market cap has inched higher by 2.33% in the last 24 hours to $2.32 trillion while total volume reached $52.08 billion, up by 40.11%.
The total volume in DeFi is currently $3.72 billion, accounting for 7.15% of the total crypto market 24-hour volume. The volume of all stable coins is now $48.19 billion, which is 92.53% of the total crypto market 24-hour volume.
Most major digital assets declined on Friday, with bitcoin (BTC-USD) hovering around the $60,000 level. The CoinDesk Market Index, which tracks 192 digital assets, was down 2.4% in a day.
Bitcoin (BTC-USD), the largest cryptocurrency by market value, dipped to $60,102.The most popular cryptocurrency concluded the week with a loss of nearly 7%. Ethereum (ETH-USD), the second-largest digital asset, dipped 2% to $3,377 and headed for a weekly loss of nearly 5%.
BNB (BNB-USD), the third-largest digital asset by market value excluding stable coins, dropped 1.6%, while Solana (SOL-USD), the fourth-largest, slumped 5% XRP (XRP-USD) was flat, Dogecoin (DOGE-USD) fell 1%, and Cardano (ADA-USD) gained 0.6%.
The total market value of the cryptocurrency industry dropped to $2.25 trillion on Friday, according to data from the exchange. Trading volume was fractionally higher at $61.61 billion. Private Sector Growth Slows over Muted Business Confidence –PMI
