The world’s largest cryptocurrency rose 7% to $70,130, according to CoinMarketCap. Ethereum also jumped more than 6% to $3,600.
Other top ten coins also made solid gains, with BNB rising more than 6%, Solana adding 10%, Ripple advancing 3% and Avalanche up 8%.
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Top 10 Cryptocurrencies
Source: CoinMarketCap
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Major bitcoin player MicroStrategy also surged 17% as the world’s largest cryptocurrency, while Coinbase gained 9%. The crypto mining sector also benefited, with shares of Marathon Digital and Riot Platforms adding 2% and 6%, respectively. CleanSpark soared 16% and Cipher Mining tacked on 12%.
Bitcoin spent much of last week correcting after hitting an all-time high near $73,800 on March 14. At one point last week, the coin dropped as low as $60,800. The pullback is consistent with what’s happened during other prior bitcoin bull markets, said Alex Thorn, head of research at Galaxy Digital.
The reason for bitcoin’s latest surge is unclear, but the cryptocurrency has a history of making new highs and then correcting. Thorn suggested investors may have been sidelined by the recent selling of bitcoin ETFs.
