Bitcoin Surges 11% in Major Rally
Bitcoin’s Impressive Gain
Bitcoin experienced a remarkable surge on Monday, trading at $29,907.4 by 09:30 (13:30 GMT) on the Investing.com Index. This represented an impressive 11.34% increase in value, marking the largest one-day percentage gain since February 28, 2022.
Bitcoin’s Market Cap Soars
Bitcoin’s upward trajectory propelled its market cap to $545.1B, accounting for 50.38% of the total cryptocurrency market cap. At its peak, Bitcoin’s market cap reached an astounding $1,275.5B.
Trading Range and Stagnation
During the previous twenty-four hours, Bitcoin traded within the range of $27,119.7 to $29,907.4. However, over the past week, Bitcoin’s value has remained relatively stagnant with a mere 1.84% movement. The trading volume for Bitcoin in the twenty-four hours leading up to the time of writing stood at $14.4B, representing 38.64% of the total volume of all cryptocurrencies. In the past seven days, Bitcoin’s trading range fluctuated between $26,558.3848 and $29,907.3828.
Bitcoin’s All-Time High
Despite the recent surge, Bitcoin is still down by 56.65% from its all-time high of $68,990.63, which was reached on November 10, 2021.
Other Cryptocurrency Updates
Ethereum’s Positive Performance
Ethereum, another leading cryptocurrency, experienced a 5.25% increase in value, with the price reaching $1,635.10 on the Investing.com Index.
Stable Tether USDt
Tether USDt maintained stability, trading at $1.0003 on the Investing.com Index.
Market Cap Comparison
Ethereum’s market cap stood at $190.6B, representing 17.62% of the total cryptocurrency market cap. In comparison, Tether USDt’s market cap reached $83.6B, accounting for 7.73% of the total cryptocurrency market value.
In conclusion, Bitcoin’s recent surge showcased a significant boost in value, marking a substantial one-day percentage gain. Ethereum and Tether USDt also performed well in the cryptocurrency market. However, Bitcoin’s current value remains significantly lower than its all-time high.
