The total cryptocurrency market capitalization surged 1.4% to $2.12 trillion today, with Bitcoin leading the charge as it reclaimed the $58,000 level.
Bitcoin’s price rose by 3.29% in the last 24 hours to reach $58,336.45. The rise in Bitcoin followed a broader rally in risk-driven markets, particularly stocks, despite lingering concerns over its recent volatility.
Bitcoin Reclaims the $58k Mark
Bitcoin’s recent gains come after steep losses last week, with the market remaining fragile. The cryptocurrency’s rise on Thursday also followed a contentious U.S. presidential debate on Tuesday, where Vice President Kamala Harris was perceived to have gained an edge over former President Donald Trump, a pro-crypto candidate.
The political landscape has been a factor in shaping investor sentiment, especially as the debate touched on regulations and the future of digital assets. Even though crypto did not have any mention of crypto still it had an impact on the market as the leading currency saw bulls.
XRP Witnessed Surge, Supported by Key Levels
The price of Ripple’s XRP increased steadily as well, rising more than 1% from the previous day to trade at $0.5378. The cryptocurrency has maintained strength above $0.5220. As the market steadied, XRP was able to overcome a notable resistance level at $0.5320, indicating the possibility of an upward trend.
XRP’s capacity to hold these crucial levels indicates that, despite the general volatility in the cryptocurrency market, investor trust in the asset is still high. The token’s price fluctuation is still following the performance of Bitcoin, which is a pattern observed in the larger cryptocurrency market.
MATIC Sees Price Increase, Market Cap Drops
The price of Polygon’s MATIC token is also rising. It has increased by about 1% to $0.3786. But in the same time frame, Polygon’s market capitalisation fell by more than 7%. After Coinbase started supporting Polygon again after it switched from MATIC to POL, its new governance token, the price increased.
To facilitate the token move, Coinbase temporarily halted Polygon-related transactions. On the other hand, the asset can now be sent, received, and traded using the exchange’s new POL ticker, as the company revealed today. With market players expecting more growth as the token develops momentum in the market, this revival of support is projected to support MATIC’s price even more.
What is the Market Outlook?
Following a busy week, the cryptocurrency market appears to be recovering based on its recent advances. The upbeat tone established by Bitcoin’s rising trajectory has been reinforced by broader market trends and geopolitical developments.
The market may continue to gather pace in the upcoming days as major altcoins surpass critical resistance levels and Bitcoin regains the $58,000 barrier. The larger political and regulatory context will, nevertheless, continue to have a big influence on how the cryptocurrency market develops.