As the wider market recovers on Monday, Bitcoin and Ethereum are the leading cryptocurrencies. After weeks of frustration, Bitcoin (BTC), soared to a weekly high of $22,430 Monday morning. This was a minor relief from the dramatic fall in prices.
Although Bitcoin has seen a slight cooling in trading at $22,280 at the time, the most popular cryptocurrency is still up 3.6% over 24 hours and nearly 9% in seven days according to data from CoinMarketCap.
The latest Bitcoin price action comes amid record trading volumes that rose by 15% over the previous day to surpass $31.6 billion.
Ethereum(ETH) is expected merge from its current state of a proofof-work blockchain to an efficient proofof-of-stake network in September. It has outperformed Bitcoin with a 7.7% increase over the previous day.
After reaching a daily high at $1,486, ETH fell to $1,475 under press time. This level was last seen on June 12, according to CoinMarketCap.
Ethereum is currently aiming for the psychological level of $1500 and has also seen a 28% increase in the past week.
Both Ethereum and Bitcoin posted gains. The rest of the market is also in the green today with the market capitalization for all cryptocurrency jumping above $1 trillion, which is the highest level since June 13.
Some notable gainers of the day include Polygon (MATIC) and–somewhat surprisingly–Ethereum Classic (ETC), which are both up 16% in the past 24 hours, Avalanche (AVAX) with a 9% price jump, and Polkadot (DOT), which rose 4.5% over the span.