An increase has been recorded in the cryptocurrency market over the past 24 hours, with the total market capitalization rising by 3.86% to $2.44 trillion, APA-Economics reports.
The price of Bitcoin, the leading cryptocurrency, increased by 3.99% over the past 24 hours to $71,568. Ethereum’s price rose by 6.05% to $2,241.
Other assets in the top ten also mostly recorded gains. Thus, BNB increased by 2.53% to $615. Bitcoin Cash rose by 2.42% to $443. Monero gained 4.08% to $339, while Bittensor surged by 7.97% to $337. Zcash saw a sharper increase of 22.81%, reaching $322.
Positive dynamics were also observed in gold-backed tokens. PAX Gold rose by 2.88% to $4,778, while Tether Gold increased by 2.73% to $4,757.
The CoinMarketCap 20 index increased by 4.62% over the past 24 hours to 147.35 points.
Analysts note that several specific factors are behind the increase. First, the partial easing of tensions in the Middle East and the weakening of possible escalation around Iran have boosted risk appetite in global markets. This has led investors to return to riskier assets, including cryptocurrencies. In addition, increased inflows into spot Bitcoin ETFs in the United States have strengthened institutional demand and directly pushed up the price of Bitcoin. On the other hand, amid positive dynamics in global stock markets and the relative stability of the dollar, investors have increased their shift to alternative assets, which has accelerated BTC surpassing the $71,000 threshold.