Bitcoin and Ethereum, the two largest cryptocurrencies, are leading the charge as the broader market rebounded on Monday.
After weeks of frustration for investors, Bitcoin (BTC) soared to a monthly high of $22,430 on Monday morning, bringing some minor relief to what has been a dramatic crash in prices of late.
Although the leading cryptocurrency has cooled somewhat at the time of writing, trading at $22,280, Bitcoin is still up 3.6% over the past 24 hours and almost 9% in the last seven days, according to data from CoinMarketCap.
Bitcoin’s latest price action also comes amid soaring trading volumes, which rose by 15% in the last day to exceed $31.6 billion.
Ethereum (ETH), which is expected to merge from its current state as a proof-of-work (PoW) blockchain to an energy-efficient proof-of-stake (PoS) network in September, is outpacing Bitcoin with a 7.7% surge over the last day.
After hitting a daily high of $1,486, ETH backtracked to $1,475 by press time, a level is last seen on June 12, data from CoinMarketCap shows.
Ethereum, which is now eyeing the next psychological level of $1,500, is also up an impressive 28% over the last week.
Bitcoin and Ethereum pull crypto back across $1 trillion.
As both Bitcoin and Ethereum posted gains, the rest of the market is also largely in the green today, with the market capitalization of all cryptocurrencies jumping back above $1 trillion for the first time since June 13.
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Some notable gainers of the day include Polygon (MATIC) and—somewhat surprisingly—Ethereum Classic (ETC), which are both up 16% in the past 24 hours, Avalanche (AVAX) with a 9% price jump, and Polkadot (DOT), which rose 4.5% over the span. - Decrypt.co