Crypto m-cap tops $1 trillion; Bitcoin breaches $22,000-mark after a month

Bitcoin, the largest cryptocurrency by market cap, regained the $22,000 level and was trading at $22,241.17, over 4 per cent higher than the last close

Monday saw a bull run in the cryptocurrency market. The market cap touched $1 trillion after a month of muted performance. As of 3:30 PM, the crypto market cap was at $1.02 trillion, up 4.73 per cent from the previous close, according to coinmarketcap.

The largest cryptocurrency by market cap, Bitcoin regained $22,000 levels and was trading at $22,241.17, over 4 per cent higher than the last close. It had fallen below the $ 22,000 mark on June 15, 2022 and has crossed it for the first time.

Ethereum, the second largest coin, rose over 9 per cent and was trading at $1,482.69. It had also crossed the $ 1,400 mark for the first time since June 13, 2022. Tether was trading at $0.99 on Monday.

According to market data, Bitcoin holds 41.79 per cent of the total crypto market cap, followed by Ethereum at 17.73 and Tether at 6.48.

In terms of volume, the crypto market saw a trade of $76.9 billion on Monday.

In the last week, major cryptocurrencies have seen good growth, with Bitcoin rising over 8 per cent and Ethereum gaining nearly 30 per cent. BRB, XRP and Solana, other top traded tokens, surged in double digits, with Solana gaining as much as 18 per cent.

The crypto market has been in the doldrums since the start of 2023 on the back of rising inflation, higher interest rates, geopolitical tensions, and looming fears of recession. Monday gave investors a breather amidst the market glooms. 

Currently, there are 20,255 cryptocurrencies being traded on crypto exchanges across the globe