Bitcoin price at this year's high, market value of crypto crosses $ 1 trillion

The price of Bitcoin, the largest cryptocurrency in terms of market capitalization, has reached its highest level this year.

Bitcoin started trading at $22,716 on Monday. This indicated a break in the falling price trend from the past few months. This could be the beginning of a bull run in the crypto market.

Ether, the second largest cryptocurrency along with Bitcoin, has also touched its high in the last four months. It started with a gain of 0.67 per cent on Monday.

Apart from this, the prices of Avalanche, Tron, Cosmos, Chainlink, Monero, Cardano, Polygon and Polkadot have increased. Tether, USD Coin, and Binance USD. Some stablecoins like Solana, Litecoin, Wrapped Bitcoin were in decline.

The market capitalization of crypto has crossed one trillion dollars. According to CoinMarketCap, it stood at around $1.04 trillion. This is the first time since November last year that the total market value of crypto has exceeded one trillion dollars.

Edul Patel, CEO and co-founder of crypto firm Mudrex, told Gadgets 360, "Bitcoin could soon hit $23,000 if it continues to rally." And it is likely to increase."

The bankruptcy of one of the major crypto exchanges, FTX, at the end of last year had a major impact on the market.

Due to this, a large number of investors had distanced themselves from cryptocurrencies. Clients' funds were used by modifying FTX's software.