A strong increase has been recorded in the cryptocurrency market following the decline observed in recent days. All major digital assets have gained value over the past 24 hours, APA-Economics reports.
According to data from the CoinMarketCap platform, Bitcoin's price rose by 4.72% over the past 24 hours to $80,374.24. However, the cryptocurrency's price has declined by 6.10% over the past 30 days.
Ethereum increased by 6.89% to $2,418.61, while BNB rose by 3.55% to $713.49. Zcash gained 8.95% to reach $1,314.20, while Monero increased by 1.64% to $638.71.
Among other cryptocurrencies, Bitcoin Cash rose by 4.43% to $281.75, while Bittensor increased by 5.14% to $234.86. Quant gained 8.35%, reaching $206.83.
Significant increases were also recorded in gold-backed cryptocurrencies. PAX Gold (PAXG) rose by 4.55% to $4,129.11, while Tether Gold (XAUT) gained 4.49% to reach $4,116.68.
The CoinMarketCap 20 index increased by 5.07% over the past 24 hours to 163.49 points. Bitcoin's market capitalization approached $1.62 trillion.
Analysts say the rise in the cryptocurrency market may be linked to increased buying activity following the sharp declines in previous days, as investors took advantage of lower prices. However, the fact that most major cryptocurrencies continue to show negative performance over the past 30 days indicates that a full market recovery has not yet occurred.
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