Bitcoin rose by more than 8.7% in seven trading sessions as US Fed rate cuts were expected to lessen recession fears among ordinary investors. Ethereum also increased by approximately 4.5% during the same time frame.
The majority of the top ten crypto currencies witnessed solid weekly gains, with the exception of TON Coin, which lost almost 17.5% over the same period as the others rose.
Data from crypto exchanges revealed that the world’s largest digital currency asset fell 0.08%, or 8 basis points, in the last 24 hours in the market.
According to data, the worldwide cryptocurrency market capitalization reached $2.24 trillion on Monday, representing a 0.24% fall over the previous day. The volume traded in the crypto market during the last 24 hours has also reached $50.6 billion, making a 15.46% decrease.
According to Coinmarketcap.com, the total volume in DeFi is currently $3.14 billion, accounting for 6.21% of the total crypto market 24-hour volume traded.
Setting the tone for market direction in the new week, the volume of all stable coins is now $46.28 billion, which is 91.47% of the total crypto market 24-hour volume.
Last week, most major digital assets advanced Friday with bitcoin (BTC-USD) soaring beyond the $63,000 level.
The CoinDesk Market Index, which tracks 134 digital assets, climbed 5.3% in the past 24 hours. The Nasdaq 100, S&P 500 and Dow Jones Industrial Average all were up over 1%.
Bitcoin (BTC-USD) surged 5.6% to $63,797 with a 24-hour trading volume of $36.8 billion, up nearly 18%, according to CoinMarketCap data.
The most popular cryptocurrency was on track to log a weekly gain of nearly 7%.
Ethereum (ETH-USD), the second-largest digital asset, was 5.2% higher at $2,744 and set for a weekly rise of over 4%.
BNB (BNB-USD), the third-largest digital asset by market value excluding stablecoins, edged up 0.4%, while Solana (SOL-USD), the fourth-largest, rose 4.8%.
XRP (XRP-USD) gained 1.3%, Dogecoin (DOGE-USD) surged 7.8% and Cardano (ADA-USD) jumped 5%. The US 10-year Treasury yield closed at 3.805%, down from Thursday’s close of 3.86%, while the five-year yield closed at 3.649%, down from 3.724%.
