Bitcoin, Ethereum Rally Boosts Crypto Market Cap to $3.6trn

Bitcoin and Ethereum are driving crypto market capitalisation higher on Monday as investors rush to buy the dip. Top cryptocurrencies are trading positive on hope that the U.S. government’s shutdown will end.

This expectation boosted risk sentiment at the start of the week as international stock markets tracked U.S. futures higher, and the dollar perked up slightly.

Increased demand for top heavyweight in the crypto market lifted market capitalisation higher by more than 5% to $3.6 trillion on Monday

Trading data showed that other tokens, altcoins, are supporting the bullish charge, reversing the sell pressures experienced in the market last week.

Data from CoinMarketCap.com showed that Bitcoin has gained more than 4.3% in the last 24 hours with significant trading volume totalling $70.250 billion in value over the same trading period.

Hence, the market cap of the world’s largest digital asset surged to $2.11 5 trillion early on Monday; it had briefly slipped below $2 trillion last week. Bitcoin is trading at $106,100 at the time of writing.

Also, Ethereum is trading at $3609, up by 6.43% in 24 hours, reflecting the renewed buying momentum. The price surge has moderated Ethereum’s weekly loss below 2%.

The top asset experienced a volatile stretch due to negative sentiment and the expectation of a slowdown in the US Fed rate cut in December.  Trading activities were drenched in fear, liquidation, and leveraged losses.

The latest crypto push coincides with broader relief across risk assets after the US Senate took a major step toward ending the government shutdown, which has frozen economic data releases for weeks.

Eight Democrats joined Senate Republicans late Sunday night in voting to advance a House-passed short-term funding measure, the first step in weeks toward ending the government shutdown.

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