The cryptocurrency market, which has been facing continuous pressure for a long time, is showing a bullish trend for the last 24 hours. Bitcoin, the cryptocurrency with the highest market capitalization, has gained about 5 percent in the last 24 hours. Due to this boom, today this crypto currency is trading at the level of $ 20,149.
Like bitcoin, the cryptocurrency ether, which is linked to the Ethereum blockchain, has gained 8 percent to the level of 1,142. Ether is the world's largest cryptocurrency after bitcoin. Apart from these two major cryptocurrencies, Dogecoin, Shiba Inu, XRP, Uniswap, Stellar, Litecoin, Tron, BNB and Solana have also shown a bullish trend in the last 24 hours of trading.
Despite the growth in the global cryptocurrency market during the last 24 hours, its total market capitalization has remained less than $1 trillion. The global market capitalization of cryptocurrencies stood at $948 billion during the last 24 hours. The total market capitalization of the crypto market has reached its highest level of $ 2.9 trillion in November 2021 after the commencement of trading of crypto currency.
Significantly, since November 2021, the crypto currency market has started declining, due to which the trading bitcoin, which has reached the highest level of $ 69,900, has now come close to $ 20 thousand. Experts believe that the rise in interest rates by the US Federal Reserve has also affected the crypto currency market significantly.