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Bitcoin (BTC), Ethereum (ETH) and most cryptocurrencies posted substantial gains on Monday, which could signal that bullish sentiment is back after a month of muted performance. With the prices of most coins going upwards, the total capitalization of the crypto market has surged to more than $1 trillion once more.
Monday’s bull run saw the total capitalization of the crypto market breach the trillion dollar mark once more. According to Coinmarketcap data, the crypto market cap soared to $1.02 trillion, up 6 percent from the previous close. The last month that the crypto market crossed the $1 trillion dollar level was on June 13, according to Cointelegraph.
“The global crypto market cap is $1.02T, a 6.01% increase over the last day,” Coinmarketcap wrote. “The total crypto market volume over the last 24 hours is $88.15B, which makes a 21.73% increase. The total volume in DeFi is currently $7.30B, 8.28% of the total crypto market 24-hour volume. The volume of all stable coins is now $79.88B, which is 90.61% of the total crypto market 24-hour volume.”
Bitcoin, which has been stuck between $19,000 and $21,000 recently, soared above $22,000 on Monday’s trading. At the time of writing, the world’s largest crypto in terms of market cap traded at 22,402 representing a 5.80 percent increase in the last 24 hours and a 9.61 percent increase in one week.
Ether, the second-largest crypto and the native crypto of the Ethereum blockchain, surged past $1,500 on Monday. ETH traded at $1,508 at the time of writing representing a 12.02 percent increase in the last 24 hours and a 32.07 percent increase in the last 7 days.
Bitcoin (BTC) reclaimed the $420 billion target market cap and is worth around $426 billion at the time of writing. Meanwhile, Ether (ETH) added more than $20 billion in the past 24 hours and is currently valued at around $181 billion.
“Most cryptocurrencies retained their gains over the weekend,” Edul Patel, the CEO of the crypto investing platform Mudrex, said, Financial Express reported. “Despite a slight decline, Bitcoin remained above the US$20,000 level, indicating that the selling volume has come down. BTC will likely trade sideways between US$20,000 and US$21,000 in the coming days.”
“The second largest cryptocurrency, Ethereum, has outperformed the market by gaining 17% over the previous week,” he added. “Ethereum has traded at the US$1,355 level for the first time in a month on Saturday as Merge draws nearer.”
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