Baku:The cryptocurrency market has witnessed an upward trend over the past 24 hours, with most major digital assets experiencing price increases. Bitcoin, in particular, has seen its price rise by 0.78%, reaching $82,702.71.
According to Azeri-Press news agency, data from the CoinMarketCap platform indicates that despite the recent rise, Bitcoin has declined by 1.06% over the past week but gained 1.72% over the last month. Ethereum also saw a price increase of 1.26% to $2,442.05, while BNB rose by 1.55% to $740.69. Zcash experienced a significant surge of 10.29%, reaching $1,261.93.
Other cryptocurrencies demonstrated mostly positive movements, with Bitcoin Cash increasing by 1.65% to $284.21, Bittensor up by 1.43% to $271.40, and Solana gaining 0.56% to $105.76. However, Monero went against the market trend, declining by 4.37% to $576.76.
Gold-backed cryptocurrencies did not fare as well, with PAX Gold (PAXG) falling by 0.35% to $4,124.50 and Tether Gold (XAUT) dropping by 0.48% to $4,119.22. The CoinMarketCap 20 index saw an increase of 1.17%, reaching 168.09 points, while Bitcoin’s market capitalization stood at $1.66 trillion.
Analysts suggest that the rise in cryptocurrency prices may be due to a partial recovery following previous declines and heightened buying activity among investors. Nonetheless, the ongoing negative weekly performance of some major cryptocurrencies indicates that selling pressure in the market has not entirely dissipated.