Cryptocurrency prices have recovered following the sharp decline observed the previous day, with all major digital assets gaining value over the past 24 hours, APA-Economics reports.
According to the CoinMarketCap platform, Bitcoin's price rose by 1.11% over the past 24 hours, reaching $81,946.08. However, the cryptocurrency has declined by 0.61% over the past seven days, while gaining 7.97% over the past 30 days.
Ethereum increased by 2.95% to $2,438.92, BNB rose by 1.56% to $727.82, and Zcash climbed by 9.89% to $1,209.42.
Significant gains were also recorded in other cryptocurrencies. Monero rose by 3.18% to $560.17, Bitcoin Cash increased by 5.19% to $276.48, and Bittensor climbed by 8.95% to $285.
Gold-backed cryptocurrencies also gained value. PAX Gold (PAXG) increased by 0.75% to $4,173.65, while Tether Gold (XAUT) rose by the same percentage to $4,166.68.
The CoinMarketCap 20 index increased by 1.70% over the past 24 hours, reaching 166.64 points. Meanwhile, Bitcoin's market capitalization approached $1.65 trillion.
Analysts say the rise in the cryptocurrency market may be attributed to investors taking advantage of lower prices following the sharp declines in previous days, as well as a partial easing of selling pressure. However, the fact that several major cryptocurrencies continue to show negative weekly performance indicates that the market has not yet fully recovered.
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