Bitcoin surged above $94,000, leading a significant recovery in the crypto market, while Monero’s XMR saw an explosive surge of over 40%.
Crypto Market Gains as Bitcoin Surges Above $94,000
Bitcoin traded above $94,800, up 0.7% over 24 hours, with the CoinDesk 20 index adding 2.2% by the middle of the European morning.
The price of bitcoin can be influenced by various factors, including global economic trends, regulatory changes, and investor sentiment.
According to historical data, the all-time high price of bitcoin was reached in December 2017 at around $19,666 per coin.
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The crypto market showed signs of recovery on Monday, with major cryptocurrencies experiencing significant gains. Bitcoin led the charge, trading above $94,000 and outperforming other major coins. The CoinDesk 20, a measure of the performance of the largest cryptocurrencies, added 2.2% by mid-morning European time.
XRP was the standout performer among major cryptocurrencies, rising almost 7% in response to news that three futures-tracked ProShares ETF products will go live on April 30. This development is expected to increase investor interest in XRP and potentially boost its price.
The token’s value has fluctuated significantly over time, influenced by market demand, regulatory developments, and partnerships with major financial players.
According to CoinMarketCap, XRP‘s market capitalization ranks among the top 10 cryptocurrencies globally.
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Other notable gains were seen from Cardano’s ADA, which rose more than 3%, and BNB Chain’s BNB, which added 1%. Ether (ETH) remained unchanged.
Monero’s Explosive Surge
However, one cryptocurrency that stole the show was Monero (XMR), which surged over 40% to a level not seen since May 2021. XMR trading volumes skyrocketed from an average of $50 million on a seven-day rolling basis to over $220 million in the past 24 hours.
Monero is a decentralized cryptocurrency that focuses on privacy and security.
The Monero price is determined by market supply and demand, with fluctuations influenced by various factors such as global economic trends, regulatory changes, and adoption rates.
As of 2023, the average Monero price has ranged between $150-$300 USD per XMR coin.
Monero's unique features, including ring signatures and stealth addresses, contribute to its appeal among users seeking enhanced anonymity.
The sudden increase in demand for XMR is believed to have been sparked by a possible exploit, as identified by on-chain researcher ZachXBT. A ‘suspicious transfer’ of 3,520 BTC ($330.7 million) was swapped into XMR, causing the price to spike.
Macroeconomic Headwinds Linger
Despite the recent gains, sentiment among traders remains cautiously bullish, with macroeconomic headwinds continuing to pose a challenge to the crypto market. Broader equity markets showed mixed movements on Monday, with regional gauges advancing 0.6% and futures for the S&P 500 declining 0.6%.
Gold pared last week’s gains after a record-breaking rally, while Hong Kong’s Hang Seng index remained flat. The four-day US equities rally may be coming to an end, according to some analysts.
Crypto Market Outlook
The crypto market outlook remains uncertain, with investors grappling with macroeconomic challenges and regulatory changes. However, some experts believe that a more bullish attitude towards cryptocurrencies could boost the industry’s growth and innovation.
As one analyst noted, ‘Bitcoin has maintained a relatively stable range above $92k as Trump’s administration softens tariff policies of the crypto industry.‘ This development could potentially lead to increased investor interest in Bitcoin and other cryptocurrencies.
- coindesk.com | Monero’s XMR Rockets 40% as XRP Leads Crypto Majors Gains
