Siena:Most major assets in the cryptocurrency market have recorded price increases over the past 24 hours.
According to Azeri-Press news agency, Bitcoin’s price has increased by 0.87% over the past 24 hours, reaching $83,510.94. Despite this daily rise, Bitcoin has experienced a decline of 2.96% over the past week but has gained 8.10% over the past month.
Other cryptocurrencies have also seen upward trends. Ethereum rose by 1.72% to $2,542.98, BNB increased by 0.75% to $750.70, and Zcash climbed by 4.71% to $1,279.97. Monero gained 1.98% to reach $534.44, while Bittensor increased by 5.24% to $294.43.
Gold-backed cryptocurrencies showed similar positive movements. PAX Gold (PAXG) rose by 0.30% to $4,197.11, and Tether Gold (XAUT) gained 0.29% to reach $4,195.25.
The CoinMarketCap 20 index increased by 1.02% over the past 24 hours, reaching 171.04 points, while the total cryptocurrency market capitalization rose by 1.22% to $2.83 trillion.
Analysts suggest that the market’s upward movement may be due to a partial recovery in prices following recent declines, coupled with increased buying activity by investors at lower price levels. However, continued negative weekly performance in some major cryptocurrencies indicates that selling pressure in the market has not yet fully subsided.