A certain recovery has been observed in the cryptocurrency market following the declines recorded in recent days. Most major digital assets have increased in value over the past 24 hours, APA-Economics reports.
According to data from the CoinMarketCap platform, Bitcoin rose by 0.28% over the past 24 hours to $79,657.76. However, the cryptocurrency's price has declined by 2.88% over the past 7 days and by 5.60% over the past 30 days.
Ethereum increased by 0.57% to $2,309.90, while BNB rose by 0.50% to $737.89. Zcash gained 3.48% to reach $1,220.54, while Monero increased by 2.33% to $602.67.
Bitcoin Cash rose by 1.98% to $280.91, while Bittensor gained 0.35% to reach $248.36. A higher increase was recorded in Quant. This cryptocurrency rose by 6.96% over the past 24 hours to $201.64.
Slight increases were also observed in gold-backed cryptocurrencies. PAX Gold (PAXG) rose by 0.13% to $4,020.97, while Tether Gold (XAUT) increased by 0.14% to $4,010.55.
The CoinMarketCap 20 index rose by 0.40% over the past 24 hours to 161.62 points. Bitcoin's market capitalization exceeded $1.60 trillion.
Analysts say the positive trend in the cryptocurrency market may be linked to investors' preference for buying at lower prices following the sharp declines recorded in previous days. However, the fact that the weekly and monthly performance indicators of major cryptocurrencies remain negative shows that selling pressure in the market has not been fully eliminated.
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