Bitcoin rebounded to an eight-month high above $84,000 on Monday, recovering from last week's dip to $75,000. The cryptocurrency climbed past the $80,000 level over the weekend and continued its advance to just over $84,000, with its market cap reaching $1.670 trillion.
The price volatility last week followed two significant developments: the US Senate's vote against advancing the CLARITY Act on Tuesday and the Federal Reserve's interest rate increase on Wednesday, the first since July 2023. Bitcoin declined to a multi-week low of $75,000 in response but recovered by Friday. Escalating tensions in the Middle East and increased violence between Ukraine and Russia briefly limited further gains over the weekend.
Altcoins Mark Notable Gains
Major altcoins participated in the rally on Monday. Ethereum reached a multi-week peak above $2,700, while XRP bounced to $1.45 after finding support at $1.40. Solana climbed to $115 and BNB reached $780.
Larger altcoins posting double-digit gains included Monero (XMR), Avalanche (AVAX), Tao (TAO), Near (NEAR), Sui (SUI), and Morpho (MORPHO). Additional gainers included Dogecoin (DOGE), Cardano (ADA), Stellar (XLM), Bitcoin Cash (BCH), and Chainlink (LINK).
The combined cryptocurrency market cap increased by $70 billion to reach $2.810 trillion, according to market data sources.
