Crypto Market Shows Signs of Recovery as Bitcoin and Altcoins Trade Bullishly

The crypto market showed signs of recovery on Monday as major cryptocurrencies, including Bitcoin and Ethereum, traded bullishly, reflecting slight to high price pumps.

After the slow boost in price performances observed about two days ago, the market gained momentum over the last 24 hours. The global crypto market capitalization increased decently to $2.32 trillion as of press time.

This uptrend was more visible in the overall market volume, which surged significantly to $55.22 billion, an increase of over 46% within the same period. The rapid boost in the market’s overall trading volume suggests that traders have been more active over the past day, with significant buying and selling pressures on major cryptocurrencies. This is also evident in the surge in crypto prices and the general market capitalization.

Bitcoin and Altcoins Soar

Bitcoin (BTC), Ethereum (ETH), and other altcoins such as Solana (SOL), BNB, and XRP have traded relatively bullish over the past 24 hours, reporting notable price differences and retracing back to previous highs.

At the time of writing, Bitcoin has recovered some of its losses and is now trading near the $63,000 mark. Specifically, the world’s largest cryptocurrency is trading at $62,526, with a 1.60% increase over the last day. Ethereum, BNB, and Solana have followed this positive trend and retraced back to $3400, $576, and $146, respectively, according to data provided by CoinMarketCap.

Bitcoin and Ethereum Gains Spark Social Interests

Despite Bitcoin trading bullishly on a path to recovery over the last day, its dominance over other cryptocurrencies remained steady. Bitcoin accounts for 53.5% of the total market capitalization. Ethereum’s portion of the broad market capitalization is also stable as it remains the second fiddle at 18%.

Moreover, bullish sentiments for Bitcoin and Ethereum have increased over the last day. LunarCruch’s metrics show that 81% of sentiment votes on Bitcoin are bullish, and 85% of sentiment votes on Ethereum are bullish. The positive sentiments for Ethereum among investors are attributed to the growing hype for the potential debut of the spot Ethereum ETF.

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