Following significant selloffs over the weekend, individual investors showed early interest in cryptocurrency assets, which led to a jump in the price of bitcoin to about $63,000 on Monday.
The largest cryptocurrency in the world gained traction when US economic growth was revealed last week, despite persistent selloffs that caused its market price to drop to $61,000. Early on Monday, the price surged to $62.800, while Ethereum is currently trading at $3.477, up 2.59% over the previous day.
The US gross domestic product (GDP) growth rate for the first quarter of 2024 was 1.40%, as expected by the market. This improved investor mood and stimulated demand for purchases.
Data from CoinMarketCap.com showed that the global crypto market cap has inched higher by 2.33% in the last 24 hours to $2.32 trillion while total volume reached $52.08 billion, up by 40.11%.
The total volume in DeFi is currently $3.72 billion, accounting for 7.15% of the total crypto market 24-hour volume. The volume of all stable coins is now $48.19 billion, which is 92.53% of the total crypto market 24-hour volume.
Most major digital assets declined on Friday, with bitcoin (BTC-USD) hovering around the $60,000 level. The CoinDesk Market Index, which tracks 192 digital assets, was down 2.4% in a day.
Bitcoin (BTC-USD), the largest cryptocurrency by market value dipped to $60,102.The most popular cryptocurrency concluded the week with a loss of nearly 7%. Ethereum (ETH-USD), the second-largest digital asset, dipped 2% to $3,377 and headed for a weekly loss of nearly 5%.
BNB (BNB-USD), the third-largest digital asset by market value excluding stable coins, dropped 1.6%, while Solana (SOL-USD), the fourth-largest, slumped 5% XRP (XRP-USD) was flat, Dogecoin (DOGE-USD) fell 1%, and Cardano (ADA-USD) gained 0.6%.
The total market value of the cryptocurrency industry dropped to $2.25 trillion on Friday, according to data from the exchange. Trading volume was fractionally higher at $61.61 billion.
