KEY POINTS

  • Bitcoin, Ethereum surge
  • Top tokens in green
  • Market cap goes up

The cryptocurrency market was bullish on Monday morning as most of the top 10 tokens, including Bitcoin and Ethereum, traded in the green. 

The global market cap was up 1.95% at $1.75trillion as of 4.32 a.m. ET, CoinMarketCap data showed.

Bitcoin surged 2.23% to $38,883. Ethereum, too, gained 2.34% to $2840. 

Interestingly, the Bitcoin Hashrate, which is a measure of total computational power used to mine BTC and power transactions, has reached another all-time high, as per WazirX's daily analysis.

"On-chain metrics indicate that a surge in the Hashrate is, more often than not, followed by a bullish trend," the WazirX trade desk told International Business Times

The recent gains in Bitcoin and Ethereum could also be attributed to the acceptance of crypto payments in Dubai that have skyrocketed in recent times with one of Dubai’s leading property developers being the latest to accept both of these tokens as payment. 

On the whole, most top 10 tokens traded in the green. Meme crypto Shiba Inu too surged. Dogecoin, on the other hand, plunged slightly. DOGE had seen an immediate surge after Tesla's Elon Musk announced the acquisition of Twitter on Sunday. However, the top meme coin has only been falling since then. 

In other news, Wikimedia Foundation, the non-profit organization hosting the online encyclopedia Wikipedia, has announced that it will no longer accept donations in Bitcoin and Ethereum.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.

 

Illustration shows representation of cryptocurrency Bitcoin Representation of cryptocurrency Bitcoin is seen in this illustration taken November 29, 2021. Photo: Reuters / DADO RUVIC