After weeks of frustration for investors, Bitcoin (BTC) soared to a monthly high of $22,430 on Monday morning, bringing some minor relief to what has been a dramatic crash in prices of late.
Although the leading cryptocurrency has cooled somewhat at the time of writing, trading at $22,280, Bitcoin is still up 3.6% over the past 24 hours and almost 9% in the last seven days, according to data from CoinMarketCap.
Bitcoin’s latest price action also comes amid soaring trading volumes, which rose by 15% in the last day to exceed $31.6 billion.
Ethereum (ETH), which is expected to merge from its current state as a proof-of-work (PoW) blockchain to an energy-efficient proof-of-stake (PoS) network in September, is outpacing Bitcoin with a 7.7% surge over the last day.
After hitting a daily high of $1,486, ETH backtracked to $1,475 by press time, a level last seen on June 12, data from CoinMarketCap shows.
Ethereum, which is now eyeing the next psychological level of $1,500, is also up an impressive 28% over the last week.
As both Bitcoin and Ethereum posted gains, the rest of the market is also largely in the green today, with the market capitalization of all cryptocurrencies jumping back above $1 trillion for the first time since June 13.
Some notable gainers of the day include Polygon (MATIC) and—somewhat surprisingly—Ethereum Classic (ETC), which are both up 16% in the past 24 hours, Avalanche (AVAX) with a 9% price jump, and Polkadot (DOT), which rose 4.5% over the span.


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