What happened?
The cryptocurrency market experienced a growth with the market capitalization increasing by 1.1% and reaching $4.16 trillion again. Majority of the top 100 coins have shown an increase over the past 24 hours. Some significant figures in this rise include Bitcoin(BTC) and Ethereum(ETH), which are up to $117,255 and $4,544, respectively.
Who does this affect?
This market rise impacts all stakeholders in the crypto market – from individual investors and traders to institutional ones. Cryptocurrency exchanges are also affected as trading volumes change. It is also noteworthy for retail crypto trading services like Banco Santander’s online bank, Openbank, which has begun offering such services in Germany.
Why does this matter?
This matters because the rise in cryptocurrency market can be reflective of larger economic trends and investor sentiments. As it is speculated that this trend might be a response to the anticipation of the US Federal Reserve cutting interest rates, the crypto market dynamics might have significant implications on the global economic landscape.