Cryptocurrencies Market Cap Jump 3% as Bitcoin Crossed $98K

Market capitalisation of all cryptocurrencies jump by more than 3% in the last 24 hours as bitcoin price crossed $98,000 again.

The cryptocurrency market showed a slight recovery on Friday as the market capitalisation of all cryptocurrencies increased by more than 3% in the last 24 hours. This comes as the price of bitcoin (BTC-USD) crossed the $98,000 level again.

According to data from CoinMarketCap.com, the global crypto market cap edged higher to $3.5 trillion, indicating a 3.11% increase over the last day. Notably, the market witnessed a return of retail investors in digital assets trading, which led to a rise in the volume of transactions.

The total crypto market volume in the last 24 hours reached $123.58 billion, showcasing a 5.72% increase. A significant portion of the trade volume was on the buy side.

Moreover, the total volume in DeFi was pegged at $10.31 billion, accounting for 8.34% of the total crypto market 24-hour volume. On the other hand, the volume of all stable coins was recorded at $113.17 billion, making up 91.58% of the total crypto market 24-hour volume.

In other news, major digital assets rose on Friday with bitcoin (BTC-USD) crossing the $98,000 level. The CoinDesk Market Index, which tracks 126 digital assets, went up by 2.6% in the past 24 hours.

The Nasdaq 100 was up by 1.6% in late trading, whereas the S&P 500 and the Dow Jones Industrial Average went up by 1.2% and 0.8%, respectively.

Bitcoin was trading at $98,372, down 0.9% in the past 24 hours, with a trading volume of $35.51bn. It had fallen by 23.5% in the past week, according to CoinMarketCap data.

The second-largest digital asset by market value, ether (ETH-USD), rose by 4.4% to $3,607, bringing its weekly gain to over 8%. XRP (XRP-USD) rose by 3.3%, while solana (SOL-USD) gained 4.2%. BNB (BNB-USD) was up by 0.9%.

Dogecoin (DOGE-USD) surged by 11.3%, whereas cardano (ADA-USD) soared by 16%. The US 10-year Treasury yield closed at 4.598%, up from Thursday’s close of 4.573%, while the five-year yield rose to 4.412% from 4.378%.

The total market value of the cryptocurrency industry increased by 2.5% in the past 24 hours to $3.5trn, while the total 24-hour trading volume went down by nearly 9% to $120.21bn.