Accra:Cryptocurrency prices have rebounded following a sharp decline observed the previous day, with all major digital assets gaining value over the past 24 hours.
According to Azeri-Press news agency, Bitcoin’s price increased by 1.11% over the past 24 hours, reaching $81,946.08. Despite this daily gain, Bitcoin has seen a decline of 0.61% over the past week, but it has risen by 7.97% over the past 30 days.
Ethereum’s value rose by 2.95% to $2,438.92, while BNB increased by 1.56% to $727.82. Zcash experienced a significant rise of 9.89%, reaching $1,209.42. Other cryptocurrencies also showed notable gains, with Monero up by 3.18% to $560.17, Bitcoin Cash rising by 5.19% to $276.48, and Bittensor climbing by 8.95% to $285.
Gold-backed cryptocurrencies mirrored these gains. PAX Gold (PAXG) rose by 0.75% to $4,173.65, and Tether Gold (XAUT) increased by the same percentage to $4,166.68.
The CoinMarketCap 20 index rose by 1.70% over the past 24 hours, reaching 166.64 points. Meanwhile, Bitcoin’s market capitalization is approaching $1.65 trillion.
Analysts suggest that the rise in the cryptocurrency market may be due to investors capitalizing on lower prices after recent sharp declines, coupled with a partial easing of selling pressure. However, the continued negative weekly performance of several major cryptocurrencies indicates that the market has not yet fully recovered.