Crypto market adds $500B in one week
By Liezl Gambe- The global crypto market added about $500 billion in one week, reaching $2.74 trillion.
- Bitcoin (CRYPTO:BTC) rose above $79,000, while Ethereum (CRYPTO:ETH) climbed above $3,000.
- The rally followed stronger trading activity, ETF inflows and a wider recovery across major tokens.
The global crypto market added about $500 billion in one week, lifting total market capitalisation to $2.74 trillion.
Bitcoin (CRYPTO:BTC) led the recovery by rising above $79,000 after trading below $65,000 earlier in August.
Ethereum (CRYPTO:ETH) also gained, moving above $3,000 as major tokens recorded sharp weekly increases.
The market rebound came as trading activity increased across spot and derivatives markets, according to the report.
US spot Bitcoin ETFs also recorded strong inflows during the period, adding to demand for Bitcoin.
Several major altcoins also posted weekly gains, extending the recovery beyond Bitcoin and Ethereum.
The market remains below its previous peak, but the latest move marks a sharp recovery from the August lows.
At the time of reporting, Bitcoin price was $77,259.77.
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