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Home / Markets / Cryptocurrency /  Bitcoin nears one-month high, Ether rises 11% to five-week high of $1,487.50
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Bitcoin hovered near a one-month high on Monday amid a broad risk-on mood in international markets, trading above $22,000 for the first time since 8 June and testing the upper bound of the tight range where it’s been trading for the past month.

The largest cryptocurrency last stood at $22,419 at 1:54 pm, up 8%, while Ethereum surged 11% to five-week high of $1,487.50.

Coins such as Avalanche and Polygon also posted double-digit gains. The global cryptocurrency market cap is $1.01 trillion, a 4.03% increase over the last day, according to CoinMarketCap.

The total crypto market volume over the last 24 hours is $75.31 billion, which makes a 11.84% increase. 

The total volume in DeFi is currently $6.53 billion, 8.67% of the total crypto market 24-hour volume. The volume of all stable coins is now $67.70 billion, which is 89.89% of the total crypto market 24-hour volume.

Crypto’s advance echoed the bullish mood in equity markets, with Asian and European stocks firmly in the green.

June’s cryptocurrency wipeout has given way to a sharp rebound, with Ether up 45% this month and Polygon more than doubling. 

Clouds still hang over the sector, with persistently high inflation expected to trigger monetary tightening across the world and last week’s bankruptcy of crypto lender Celsius Network serving as a fresh reminder of potential contagion.

Cryptocurrency investors have been hurt all year as the Fed hikes interest rates to fight inflation. Trading volumes have plummeted amid the dreadful first half, with spot and derivatives volumes declining across major exchanges.

But much of the news around the Fed’s aggressiveness has already been priced in, according to StoneX’s Youwei Yang.

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