The cryptocurrency market witnessed a broad-based rally over the weekend, leading to a sharp rise in valuations of popular virtual coins.
Bitcoin, the world’s most popular cryptocurrency was trading at over $45,000, up over 2.10 per cent at 5:10 pm. Earlier in the day, Bitcoin hit a fresh 3-month high of $45,900. The cryptocurrency’s market capitalisation has also increased sharply to $856 billion.
Smaller rival Ether has also jumped sharply over the weekend and was trading over $3,100 on Monday. Ether’s market capitalization has surged to $365 billion.
All other popular altcoins rebounded over the weekend including XRP, Cardano, Dogecoin, Litecoin and Polkadot.
While popular virtual coins have railed sharply over the weekend, there are chances that the market will see some consolidation for the next few days.
Commenting on the strong weekend performance, Edul Patel, CEO and Co-founder, Mudrex- A Global Algorithm Based Crypto Trading Platform, said, “We witnessed a fantastic weekend where the crypto markets rallied steadily.”
“There is a slow consolidation that is now taking over the markets. However, the momentum is positive, and we might witness a greater rally across the altcoins. The coming 24 hours could likely be a profit booking session,” he added.