Bitcoin has gained over 70% this year and most of the gains have come over the last few weeks. Meanwhile, the market capitalization of BTC has now reached $1.42 trillion, exceeding that of silver, which stands at $1.38 trillion.
The largest cryptocurrency by market value gained as much as 3.3% to $38,264 before trimming the increase. Bitcoin reached an 18-month high of $38,422 on Friday. Lower rates generally increase investors appetite for riskier assets such as digital tokens.
Cryptocurrency markets are in red. Bitcoin, Ethereum have slipped. Layer 1 blockchain crypto tokens like Solana, Cardano, Ripple are also down. Memecoins like Shiba Inu and Dogecoin have witnessed downtrend. Most stablecoins remain pegged to $1 despite volatility in markets.