The most costly and substantial digital currency, Bitcoin, saw a brief price break above $72,000 on Monday before retreating. Consequently, the total value of the cryptocurrency market increased to $2.67 trillion, a 2.88% rise over the previous day.
With a 56.65% growth in just the last 24 hours, the entire amount of the cryptocurrency market is $92.92 billion. The primary cause of the market capitalization increase is the buying momentum that Bitcoin has maintained.
As long as whales and regular investors keep putting US dollars into different cryptocurrency assets, the market’s confidence is growing. The price of Ethereum has surged in tandem with other cryptocurrency prices that have been driven higher by the desire for Bitcoin.
Market trend revealed that Bitcoin witnessed a significant surge, with its price climbing above the $72,000 mark early on Monday, data from cryptocurrency exchange showed.
The price was up 4.5% from $69,500 to an intra-day high of $72,579. However, price has retreated below $72,000 due to early profit taking by retail investors.
Data showed that the total volume in DeFi is currently $9.6 billion, representing 10.33% of the total crypto market 24-hour volume. The volume of all stable coins is now $83.31 billion, according to data from Coinmarketcap.com, which is 89.66% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 52.61%, a decrease of 0.09% over the day. More than $40 million in BTC shorts were liquidated today, further propelling the price upwards.
