Cryptocurrencies surged on Monday, with bitcoin surging 12% to a six-week high.
At the time of writing, Bitcoin was trading at $38,745 with a 12.03% upward trend over the last 24 hours. Bitcoin’s dominance is currently 47.09%, an increase of 0.76% over the day. The second-largest coin, Ethereum, was up 8.95% and hit a three-week peak, trading at $2,370. This is a 23.04% increase over the past seven days for Ether.
The sudden increase in the prices comes after JP Morgan’s recent release of bitcoin, bitcoin cash and Ethereum funds to its customers. Also, the positive comments of Ark Investment Management LLC’s Cathie Wood and Tesla’s CEO Elon Musk have driven up bitcoin’s popularity.
Dogecoin gained over 13%, Polkadot 9.38%, and Cardano increase by 10.23%.
The global crypto market cap jumped to $1.52 trillion, a 9.27% increase over the last day. However, the total crypto market volume tanked 29% to $89.95 billion. The volume of all stable coins is now $79.19B, which is 80.78% of the total crypto market 24-hour volume, according to CoinMarketCap reports.
Edul Patel, CEO, and Co-founder, Mudrex- A Global Crypto Trading Platform, says, “The sentiment across the crypto spectrum remained divided between the bulls and the bears. The coming 24 hours would be pretty interesting as traded volumes would increase as nations come out of the weekend. The pivot levels to watch out for are $35,000 in Bitcoin and $2300 in Ether.”
Last week, Musk had said that his electric vehicle company, Tesla, may likely resume accepting Bitcoin once it conducts due diligence on its energy use. There’s wide speculation of Amazon planning to include bitcoin payments and other cryptocurrencies as well by year-end.