Positive momentum continued in the cryptocurrency market over the past 24 hours, APA-Economics reports, citing CoinMarketCap data.
The global cryptocurrency market capitalization increased by 0.83% over the past 24 hours to $2.26 trillion. The CMC20 Index also rose by 1.01% to 135.15 points.
Bitcoin (BTC), the largest cryptocurrency by market value, gained 1.34% over the past 24 hours, reaching $66,318.45. Gold-backed Tether Gold (XAUt) rose by 1.85% to $4,116.40, while PAX Gold (PAXG) increased by 1.87% to $4,113.85.
Meanwhile, Ethereum (ETH) climbed 0.65% to $1,935.50, while BNB fell 0.34% to $571.64.
Among the top cryptocurrencies, Bittensor (TAO) (+2.74%) and Monero (XMR) (+2.47%) posted the strongest daily gains. The steepest decline was recorded by Zcash (ZEC), which lost 4.44% of its value over the past 24 hours.
Growing risk appetite among investors and expectations that the U.S. Federal Reserve may cut interest rates in the coming months supported buying activity in the cryptocurrency market. At the same time, persistently high gold prices on international markets contributed to gains in gold-backed tokens such as Tether Gold and PAX Gold.
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