The crypto market is on the rise again

The crypto market is on the rise again
The crypto market is on the rise again

Crypto market capitalisation rose 0.6% over the past 24 hours to $1.33 trillion as altcoins outperformed, while first cryptocurrency stabilised after a surge two weeks earlier.

According to CoinShares, investments in crypto funds rose sharply again last week, adding $261 million, the sixth consecutive week of inflows. Bitcoin investments increased by $229 million, Ethereum by $18 million and Solana by $11 million.

XRP rose to $0.73 by the end of the day on Monday. Reaching this level triggered a solid but short-lived wave of profit-taking. This sentiment has spread, albeit with less intensity, to other leading altcoins such as Solana, Cardano and Litecoin. So far, it looks like a quick recharge rather than the start of an extended correction, as the weakness is neither shared by Bitcoin and Ether nor by the equity markets.

Ethereum, which had seen limited gains recently, rose for the fifth day in a row on Tuesday, trading close to $1900, the highest level in four months.

News background
The US SEC is having difficulty hiring crypto experts because the right people are unwilling to sell their digital assets. This is according to a report from the agency’s Office of the Inspector General.

The capitalisation of the largest stablecoin, Tether (USDT), is up 22% since January to $85.42 billion, according to IntoTheBlock, and Tether has accumulated up to 69% of the funds placed in the real collateralised digital currency market, according to DeFiLlama.

Germany’s third largest bank, DZ Bank, announced the launch of its digital asset custody platform. The bank plans to offer institutional investors and private clients the opportunity to buy cryptocurrencies.

Rein Lõhmus, a co-founder of Estonia’s LHV Bank, lost the password to a wallet containing 250,000 ETH (over $473 million) and plans to use artificial intelligence to recover it.

Information supplied by: The FxPro Analyst Team