The total capitalization of the cryptocurrency market has increased by 1.75% over the past 24 hours, reaching $2.24 trillion, APA-Economics reports.
On the CoinMarketCap platform, the price of Bitcoin (BTC) rose by 1.95% to $65,610, while Ethereum (ETH) increased by 2.25% to $1,715.92. The BNB token also gained 1.17% and was traded at $616.21.
An increase was also recorded in gold-backed digital assets. Thus, PAX Gold (PAXG) rose by 2.26% over the past 24 hours to $4,319.93, while Tether Gold (XAUt) increased by 2.28% to $4,308.24.
Zcash (ZEC) was among the market's top gainers. The token's price increased by 14.46% over the past 24 hours and by 13.2% over the last seven days. Among artificial intelligence-themed cryptocurrencies, Bittensor (TAO) posted a weekly increase of 30.26%.
Experts believe that the appreciation observed in cryptocurrencies and gold-backed tokens is linked to increased investor risk appetite, expectations of interest rate cuts, and geopolitical risks.
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