All major cryptocurrencies on Sunday continued the gains seen over the past week. This catapulted bitcoin into the $24,000 region, with it once topping $23,900. It has since receded to the $23,700 level, marking a 2.2% rise over the last 24 hours and 4.2% in seven days, data from Gencko.com revealed at 3.52 am (UTC).
The second-largest coin, Ethereum, scored a 2.8% gain over the past 24 hours to trade at $1,637. Among the top 10 cryptocurrencies, Polygon scored a 2% gain over the past 24 hours and a robust 16.3% over the past 7 days. At the time of writing this, Polygon was trading at $1.16.
While BTC’s market cap has surged to 44.50, the crypto market cap now stands at $1.08 trillion, with altcoins accounting for $6.7 billion.
The continued surge in the prices of major cryptocurrencies comes on the back of news that the US inflation is gradually coming under control and the overall global economy is improving. It also suggests that the effects of Luna/Terra and FTX collapses are largely over.
After remaining stuck at $17,000 for several months, BTC prices began surging on January 20 and have shown strong resistance at $23,000 over the past few days. Now, it is tasting $24,000, which indicates investors are increasingly shedding fear of cryptocurrencies that have gripped the market since the downfall of some of the major industry players.
