Crypto Market Back Above $1 Trillion as Bitcoin, Ethereum Rebound

Bitcoin and Ethereum, the two largest cryptocurrencies, are leading the charge as the broader market rebounded on Monday.

By Andrew Asmakov

BTC and ETH. Image: Shutterstock

After weeks of frustration for investors, Bitcoin (BTC) soared to a monthly high of $22,430 on Monday morning, bringing some minor relief to what has been a dramatic crash in prices of late.

Although the leading cryptocurrency has cooled somewhat at the time of writing, trading at $22,280, Bitcoin is still up 3.6% over the past 24 hours and almost 9% in the last seven days, according to data from CoinMarketCap.

Bitcoin’s latest price action also comes amid soaring trading volumes, which rose by 15% in the last day to exceed $31.6 billion.

Ethereum (ETH), which is expected to merge from its current state as a proof-of-work

Define: Proof-of-work

A type of consensus protocol. a cryptographic puzzle to verify transactions on the blockchain.

Learn more

What is Proof of Stake? How it Differs From Proof of Work

(PoW) blockchain to an energy-efficient proof-of-stake (PoS) network in September, is outpacing Bitcoin with a 7.7% surge over the last day.

After hitting a daily high of $1,486, ETH backtracked to $1,475 by press time, a level last seen on June 12, data from CoinMarketCap shows.

Ethereum, which is now eyeing the next psychological level of $1,500, is also up an impressive 28% over the last week.

Bitcoin, Ethereum pull crypto back across $1 trillion

As both Bitcoin and Ethereum posted gains, the rest of the market is also largely in the green today, with the market capitalization of all cryptocurrencies jumping back above $1 trillion for the first time since June 13.

Some notable gainers of the day include Polygon (MATIC) and—somewhat surprisingly—Ethereum Classic (ETC), which are both up 16% in the past 24 hours, Avalanche (AVAX) with a 9% price jump, and Polkadot (DOT), which rose 4.5% over the span.