Baku:The cryptocurrency market has witnessed a robust increase after a recent downturn, with all major digital assets showing gains over the past 24 hours.
According to Azeri-Press news agency, Bitcoin’s price climbed by 4.72% in the last 24 hours, reaching $80,374.24. Despite this short-term rise, Bitcoin’s price has seen a decline of 6.10% over the past 30 days.
Ethereum marked a 6.89% increase, reaching $2,418.61, while BNB rose by 3.55% to $713.49. Zcash saw an 8.95% surge to $1,314.20, and Monero increased by 1.64% to $638.71. Bitcoin Cash and Bittensor also experienced gains, rising by 4.43% to $281.75 and 5.14% to $234.86, respectively. Quant increased by 8.35%, reaching $206.83.
Gold-backed cryptocurrencies also recorded significant growth, with PAX Gold (PAXG) increasing by 4.55% to $4,129.11 and Tether Gold (XAUT) gaining 4.49% to $4,116.68. Meanwhile, the CoinMarketCap 20 index rose by 5.07% to 163.49 points. Bitcoin’s market capitalization is nearing $1.62 trillion.
Analysts attribute the rise in the cryptocurrency market to increased buying activity as investors capitalize on lower prices after recent declines. However, the sustained negative performance of major cryptocurrencies over the past 30 days suggests that a complete market recovery has yet to occur.