Bitcoin (BTC), the world’s largest cryptocurrency by market cap, surged 7% in the past 24 hours and is currently priced at $23,369, according to data from CoinMarketCap.
This represents a slight drop from the daily high at $23,759 recorded in the early hours Wednesday morning. However, Bitcoin trades at levels last seen June 13th.
The top cryptocurrency is up 17% in the past week. This price action came amid increasing trading volumes.
It can be as high as $48.7 billion The value of Bitcoin fluctuated across crypto exchanges Tuesday with an average of $47.3 billion changing hands in the last 24 hours.
For comparison, at the beginning of the month, daily trading volumes fell to just $16.3 billion—one of the lowest points since the start of the year.
Bitcoin joins global markets
This bullish rebound also occurs amid cautious optimism returning to global markets. U.S. stocks closed with sharp gains on Tuesday as more corporates, including oilfield services provider Halliburton, pharma giant Johnson & Johnson, and toymaker Hasbro, beat forecasts to report earnings.
The blue-chip Dow Jones Industrial Average soared 754.44 points or 2.43% to 31,827.05; the tech-heavy Nasdaq jumped by 353.10 points, or 3.11%, to 11,713.15; and the S&P 500 gained 105.84 points, or 2.76%, to 3,936.69.
Tuesday saw shares of crypto-centric companies rise as well. MicroStrategy (MSTR), a stock that trades in crypto, jumped by more than 18% and climbed to $267.17. Coinbase (COIN), soared 12.2% to $65.83
Meme coins are another notable gainer in the crypto market. Dogecoin Shiba InuThe indices are up 13% & 11% respectively over the course of the day.
Ethereum After Tuesday’s rally, which saw the price of the second largest cryptocurrency rise to $1,600, the market is now trading at $1.531, 0.04% lower than the previous day.
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