Over the weekend, the cryptocurrency market saw a broad-based surge, resulting in a substantial increase in the value of prominent virtual coins.
At 5:10 p.m., Bitcoin, the world’s most popular cryptocurrency, was trading at $45,000, up 2.10 percent. Bitcoin had touched a new three-month high of $45,900 earlier in the day. The market capitalization of cryptocurrencies has also risen dramatically to $856 billion.
Ether, a smaller rival, rose dramatically over the weekend and was trading at over $3,100 on Monday. The market capitalization of Ether has increased to $365 billion.
XRP, Cardano, Dogecoin, Litecoin, and Polkadot, among other famous altcoins, all recovered over the weekend.
While prominent virtual currency had steep price drops over the weekend, there is a chance that the market will consolidate over the next days.
“We had a terrific weekend when the crypto markets climbed steadily,” Edul Patel, CEO and Co-founder, Mudrex- A Global Algorithm Based Crypto Trading Platform, said of the good weekend performance. “There is a slow consolidation that is now taking over the markets.” The momentum, on the other hand, is favourable, and we may see a stronger rally across the altcoins. He went on to say that the next 24 hours may be a lucrative booking session.
