ISLAMABAD: The cryptocurrency market remained positive on Monday amid a weaker US dollar, with the market capitalization gaining 2.1 percent to reach $2.73 trillion. As of 1325 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, surged to $69,602 with an increase of 2.3 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $1.372 trillion with this increase. Bitcoin has been 1.4 percent up in the past seven days. Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, gained 1.2 percent to reach $3,833. With this increase in price, the market capitalization of ETH has reached $460.1 billion. ETH has shed 2 percent of its value during the last seven days. TLTP
On the other hand, Binance Coin (BNB) price went up by 5.5 percent to reach $634. The market capitalization of BNB has reached $97.2 billion with this increase. BNB has gained 5.3 percent of its value during the last seven days.
Following suit, the price of Solana surged by 0.6 percent to reach $166. With this increase in price, its market capitalization has reached $76.4 billion. SOL has shed 0.4 percent of its value during the last seven days.
In the same way, the price of Ripple (XRP) went up by 0.8 percent to reach $0.521. The market capitalization of XRP stands at $28.8 billion with this increase. XRP has shed 1.5 percent of its value during the last seven days.
Meanwhile, the cryptocurrency market grew 20 percent in May 2024, adding over $420 billion to its market capitalization. After a historic March, where Bitcoin printed an all-time high of $73,750.07, April served as a cooling period, before the markets gained traction again in May 2024. The global crypto market cap grew from $2.041 trillion on May 1, to hit $2.4 trillion at the close of the month, adding over $420 billion in valuation. However, behind the scenes, monthly spot trading volumes shrunk by 32.6% to $2.01 trillion. Additionally, derivatives volume slumped by 47.6% to $4.57 trillion, the seventh consecutive drop in this regard.
