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After failing to rally last week alongside tech stocks, the crypto market has finally followed equities on Monday with most tokens posting gains in the past 24 hours. For instance, Bitcoin (BTC), the world’s largest crypto by market capitalization, was finally able to move past the $30,000 barrier and even managed to climb past $31,000.
On Monday, Bitcoin rose by almost 7 percent and moved past the $31,000 mark. The crypto was able to stabilize at that price level and traded at $31,650.94 at the time of writing, based on data from Coinmarketcap.com.
The crypto market’s rally on Monday appears to be driven by global investors as crypto prices rose alongside European and Asian equity markets, according to Coindesk. U.S. markets were closed on Monday due to the observance of the Memorial Day holiday.
“Bitcoin broke above $30,000, but it needs to hold the $29,300 level on a retest to suggest continuation to the upside,” said Marcus Sotiriou, an analyst at the digital asset broker GlobalBlock. “Relief has been long overdue in the crypto market, as the U.S. stock market already rallied last week, after Jerome Powell’s speech that gave the market clarity on their plans to carry out a soft economic landing.”
Ether (ETH), the second-largest crypto by market cap, also posted gains on Monday. Initially, the crypto rose by over 8 percent to around $1,940. At the time of writing, ETH rose even higher and traded at $1,979.80 based on Coinmarketcap.com data.
Monday’s crypto rally comes after major Chinese cities started to ease Covid-19 restrictions after months of lockdowns. Investors and trader are betting that the reopening could spike consumer spending, which could translate to increased revenue in the coming weeks for companies in the region.
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