Bitcoin and Ethereum rallied sharply at press time on Monday evening as the global cryptocurrency market cap spiked 7.5% to $1.3 trillion.
Price Performance Of Major Coins
Coin
24-hour
7-day
Price
Bitcoin (CRYPTO: BTC)
7.8%
8.4%
$31,653.45
Ethereum (CRYPTO: ETH)
10.3%
0.6%
$1,993.84
Dogecoin (CRYPTO: DOGE)
6.5%
5.2%
$0.09
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency
24-Hour % Change (+/-)
Price
WAVES (WAVES)
+75.6%
$7.72
Axie Infinity (DCR)
+47%
$26.92
Helium (HNT)
+27.9%
$9.38
See Also: Best Crypto Debit Cards
Why It Matters: The apex coin traded over $31,000, while Ethereum, the second-largest coin by market cap, traded just below the psychologically important $2,000 level at press time. During intraday trading, BTC and ETH touched $31,949.63 and $2,005.49, respectively.
The gains seen in stocks last week appear to be permeating to cryptocurrencies. At press time, the S&P and Nasdaq futures traded 0.1% and 0.4% higher, respectively.
Risk assets like stocks could get a boost this week as China begins reopening the country due to a drop in COVID-19 cases. Both Beijing and Shanghai are easing restrictions, reported Voice of America.
Cryptocurrency trader Justin Bennett noted that Bitcoin and the S&P 500 have been positively correlated for some time now. He tweeted that while the S&P had an impressive rally last week, Bitcoin was “still sleeping.”
“Looks like [Bitcoin] is about to play catch-up. This would put it in …
Full story available on Benzinga.com