The cryptocurrency market is witnessing a significant surge, with Bitcoin breaking the $40,000 barrier for the first time since April 2022, amidst a bustling economic week in the United States. The rise comes ahead of several key economic events, including the release of ISM non-manufacturing PMI data, jobless claims, and consumer sentiment data, scheduled for this week. Despite these economic indicators, experts predict that the crypto markets will likely continue their independent trajectory, primarily influenced by the anticipation of potential Bitcoin ETF approvals.
Interestingly, the overall market capitalization has witnessed an impressive increase of approximately $40 billion over the weekend, elevating it to a 19-month high of $1.59 trillion. This surge in market capitalization has reduced the gap from the peak of $3.08 trillion in November 2021 to just 48%. Bitcoin's value peaked at $40,800 during the Monday morning Asian trading session, marking a 3.5% increase over 24 hours and a 9% increase over the past week. Ethereum and other altcoins like Litecoin, Bitcoin Cash, and Shiba Inu have also shown notable gains, albeit at a smaller scale compared to Bitcoin.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
